Standard&Poor's Ratings Services assigned its 'AAA' enhanced program rating and 'A' underlying rating for credit program to Grandfalls-Royalty Independent School District (ISD), Texas' series 2015 unlimited-tax school building bonds. The outlook is stable. The 'AAA' enhanced program rating reflects our view of the district's eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets that the district can use to meet debt service on bonds guaranteed by the program. The 'A' rating reflects our view of the district's: Adequate income levels; Historical maintenance of very strong financial reserves; and Very strong wealth per capita, as indicated by market value per capita. Partly offsetting the above
