The 'AAA' rating on Lone Oak Independent School District, Texas' unlimited-tax school building bonds reflects the credit enhancement provided by the Texas Permanent School Fund. The 'BBB+' Standard&Poor's underlying rating (SPUR) is based on the full faith and credit pledge of the district and reflects the district's: Limited agricultural-based local economy, Below-average wealth and income levels, Sound financial performance and position, and Moderate overall debt burden coupled with manageable future capital needs. The district, with a population of 4,500, is in Hunt County, about 55 miles northeast of Dallas and 14 miles south of Greenville, Texas, which is the county seat. Interstate 30 provides good transportation access to the Dallas MSA. The local economy is based in agriculture
