Standard&Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to Leander Independent School District, Texas' series 2009 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'AA-' issuer credit rating (ICR), long-term rating, and underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The 'AAA' enhanced rating reflects the Texas Permanent School Fund guarantee. In our opinion, the 'AA-' ratings reflect the district's: Participation in the growing and diverse Austin metropolitan statistical area (MSA) economy; Very strong wealth and income levels; and Very strong historical financial position, reflected by consistently high fund balances, despite continued growth pressures. We believe these strengths are somewhat mitigated by the district's high overall debt burden and
