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

S&P Global Ratings assigned its 'AAA' long-term (program) rating and 'AA' underlying rating to Leander Independent School District (ISD), Texas' series 2021A unlimited-tax refunding bonds and taxable series 2021B unlimited-tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' underlying rating on the district's general obligation (GO) debt outstanding. The outlook is stable. The program rating reflects our assessment of the district's qualification for, and the guarantee provided by, the Texas Permanent School Fund (PSF) bond guarantee program. The program provides the security of a permanent fund of assets that the district could use to meet debt service on bonds guaranteed by the program. (For more information on the program rating, please see our report published June

...we do not expect to change the rating over the two-year outlook horizon. The underlying rating reflects our opinion of the district's: + Very strong economic metrics, including tax base growth; + Favorable location near the Austin metro area; + Maintenance of very strong reserves; and + Slow amortization and high overall net debt per capita and as a percent of market value....

Summary