S&P Global Ratings assigned its 'AAA' long-term enhanced rating and 'A+' underlying rating for credit program to Lone Oak Independent School District, Texas' roughly $9.4 million series 2023 unlimited-tax school building general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A+' underlying rating on the district's existing GO debt. The outlook is stable. Ad valorem tax revenue, levied without legal limitation as to rate or amount on all taxable property in the district, secures the bonds. The long-term enhanced rating reflects our view of the district's eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets the district could use to meet debt
