Standard&Poor's Ratings Services assigned its 'AA-' underlying rating and 'AAA' long-term rating to Temple Independent School District (ISD), Texas' series 2016 unlimited-tax school building bonds. At the same time, Standard&Poor's affirmed its 'AA-' underlying rating on the district's general obligation (GO) debt outstanding. The outlook on all ratings is stable. The bonds are secured by the district's unlimited ad valorem tax pledge. We understand that district officials will use bond proceeds to fund various capital projects throughout the district. The program rating reflects our assessment of the credit enhancement provided by the Texas Permanent School Fund bond guarantee program. The 'AA-' underlying rating reflects our view of Temple ISD's: Expanding property tax base, anchored by a
