Standard&Poor's Ratings Services assigned its 'AAA' long-term program enhanced rating and 'A+' school issuer credit rating (ICR) to Lone Oak Independent School District, Texas' series 2012 unlimited tax refunding bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term program enhanced and 'A+' ICR on the district's outstanding general obligation (GO) bonds. The outlook on all ratings is stable. The 'AAA' enhanced rating on the bonds is based on our view of the strength and liquidity of the Texas Permanent School Fund. The rating reflects our view of the district's: Bedroom community status for Greenville (AA-/Stable) and surrounding areas; Maintenance of very strong general fund reserves; and Limited future capital needs. The above credit strengths are
