Standard&Poor's Ratings Services assigned its 'AAA' enhanced rating, 'BBB+' issuer credit rating (ICR), and stable outlook, to Lone Oak Independent School District, Texas' unlimited-tax GO school building bonds, series 2006. The 'AAA' enhanced rating is based on the credit enhancement provided by the Texas Permanent School Fund. The 'BBB+' ICR reflects the district's: Limited, agricultural-based local economy; Below-average wealth levels; and Debt levels that are high as a percentage of market value and above average on a per capita basis. These characteristics are offset by: A rapidly growing property tax base, combined with increasing student enrollment; and Consistently strong financial performance and general fund reserve position. The district's full faith and credit pledge secures the bonds. Net proceeds
