Standard&Poor's Ratings Services affirmed its 'AAA' program rating and 'BBB+' issuer credit rating (ICR), with a stable outlook, on Lone Oak Independent School District, Texas' GO debt. The 'AAA' program rating is based on the credit enhancement provided by the Texas Permanent School Fund. The ICR reflects the district's: Limited agricultural-based local economy, Below-average wealth levels, and Debt levels that are high as a percent of market value. These characteristics are offset by the district's: Consistently strong financial performance and general fund reserve position; and Rapidly growing property tax base, combined with increasing student enrollment. The district's full faith and credit pledge secures the bonds. Lone Oak Independent School District provides K-12 educational services to a population of
