Summary: Hurst-Euless-Bedford Independent School District, Texas; General Obligation; School State Program

S&P Global Ratings assigned its 'AAA' long-term program rating and its 'AA+' underlying rating to Hurst-Euless-Bedford Independent School District (ISD), Texas' series 2018 unlimited-tax school building bonds. At the same time, we affirmed our 'AA+' rating on the district's previous general obligation (GO) date. The outlook on all ratings is stable. The enhanced program rating reflects our view of the district's eligibility for, and participation in, the Texas Permanent School Fund (PSF), 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 analysis of the Texas PSF, published Jan. 25, 2017, on RatingsDirect.) Revenue from an

...Hurst-Euless-Bedford ISD serves an estimated population of 149,766 in northeastern Tarrant County, approximately 15 miles east of Fort Worth and 23 miles west of Dallas' central business district. Median household and per capita effective buying incomes in the district are good at 103% and 107% of national levels, respectively. Market value totaled $12.2 billion in 2018, which we consider very strong at $81,731 per capita. Net taxable assessed value (TAV) grew by a total of 33.4% since 2016 to $12.2 billion in 2018. Roughly 13.0% of net TAV comes from the 10 largest taxpayers, representing a very diverse tax base, in our opinion. Due to its location between Dallas and Fort Worth, district residents have employment opportunities throughout the broad and diverse Dallas-Fort Worth MSA. Furthermore, a portion of Dallas-Fort Worth International Airport is in the district. Aerospace and commercial aviation, manufacturing, distribution and logistics, and commercial retail anchor the local economy....

Summary