Summary: Hitchcock Independent School District, Texas; School State Program

S&P Global Ratings assigned its 'AAA' enhanced program rating and 'A' underlying rating for credit program and stable outlook to Hitchcock Independent School District, Texas' roughly $4.46 million series 2021A unlimited-tax general obligation (GO) refunding bonds and roughly $7.06 million series 2021B unlimited-tax GO refunding bonds and affirmed its 'A' underlying rating, with a stable outlook, on the district's existing GO debt. The 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 the district can use to meet debt service on bonds guaranteed by the program. (For more information, see our analysis, titled "Texas Permanent School Fund," published

...S&P Global Ratings assigned its '###' enhanced program rating and 'A' underlying rating for credit program and stable outlook to Hitchcock Independent School District, Texas' roughly $4.46 million series 2021A unlimited-tax general obligation (GO) refunding bonds and roughly $7.06 million series 2021B unlimited-tax GO refunding bonds and affirmed its 'A' underlying rating, with a stable outlook, on the district's existing GO debt. The 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 the district can use to meet debt service on bonds guaranteed by the program. (For more information, see our analysis, titled "Texas Permanent School Fund," published June 25, 2020, on RatingsDirect.) An unlimited ad valorem tax levied on all taxable property within the district secures the bonds. Officials intend to use series 2021A-B bond proceeds to refund...

Summary