S&P Global Ratings assigned its 'AAA' program rating and 'A' underlying rating for credit program to Hitchcock Independent School District (ISD), Texas' series 2016 unlimited-tax school building bonds. At the same time, we affirmed our 'A' underlying rating on the district's general obligation (GO) debt. The outlook is stable. The long-term rating reflects our view of the district's eligibility for, and participation in, the Texas Permanent School Fund (PSF) bond guarantee program, which provides the security of a permanent fund of assets the district can use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, please see our full analysis on the Texas PSF, published July 7, 2015, on RatingsDirect.) Revenue from
