The 'AAA' rating on Leander Independent School District, Texas' bonds reflects the credit enhancement provided by the Texas Permanent School Fund. The Permanent Fund, under Article VII, section 5 of the constitution, permits the use of the fund's endowment to ensure bondholders of timely debt service payments. The 'A' underlying rating reflects the underlying creditworthiness of the district and is supported by the following: * The district's participation in the Austin economy, * Consistent good financial performance, and * A high debt burden. The upgrade on the district's outstanding bonds is based on consistent, good financial operations despite enrollment and debt pressures. Leander Independent School District, located in southwest Williamson County, is primarily a residential taxable property base with good
