OREANDA-NEWS. S&P Global Ratings assigned its 'AAA' long-term rating and 'A' underlying rating to Crosbyton Consolidated Independent School District, Texas' series 2016 unlimited-tax school building bonds. The outlook is stable.

The long-term rating reflects our view of the district's eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets that the district can use to meet debt service on bonds guaranteed by the program.

"The 'A' rating reflects our opinion of the district's limited local economy primarily based on agriculture, adequate income and wealth levels, and historical maintenance of very strong reserves," said S&P Global Ratings credit analyst Joyce Jung.

We understand that bond proceeds will be used to construct a new pre-k to kindergarten facility, and to fund HVAC and technology updates and school renovations.