Summary: Leander Independent School District, Texas; General Obligation; School State Program

S&P Global Ratings assigned its 'AAA' long-term rating and 'AA' underlying rating to Leander Independent School District (ISD), Texas' series 2017A unlimited-tax refunding bonds. At the same time, we affirmed our 'AA' underlying rating on the district's outstanding general obligation (GO) debt. The outlook on all ratings 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 that the district can use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, see our report on the Texas PSF, published Jan. 25, 2017, on RatingsDirect.) The bonds are

...S&P Global Ratings assigned its '###' long-term rating and '##' underlying rating to Leander Independent School District (ISD), Texas' series 2017A unlimited-tax refunding bonds. At the same time, we affirmed our '##' underlying rating on the district's outstanding general obligation (GO) debt. The outlook on all ratings 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 that the district can use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, see our report on the Texas PSF, published Jan. 25, 2017, on RatingsDirect.) The bonds are secured by revenue from an unlimited ad valorem tax on all taxable property within the district. We understand officials intend to use series 2017A bond proceeds to advance refund selected maturities of the district's current interest...

Summary