Standard&Poor's Ratings Services raised its issuer credit rating (ICR) on Lone Oak Independent School District, Texas' existing general obligation (GO) debt to 'A' from 'BBB+' due to a consistently strong financial position that is bolstered by significant state support for operations. At the same time, Standard&Poor's affirmed its 'AAA' program rating on the district's existing GO debt based on the security guarantee of the Texas Permanent School Fund. Standard&Poor's also assigned its 'A' ICR and 'AAA' program rating to the district's series 2008 unlimited-tax GO bonds. The ICR reflects the district's: Ongoing residential construction, which has contributed to robust assessed valuation (AV) growth as well as steady student enrollment growth; Agricultural based local economy
