Fitch Revises Port Arthur ISD, Texas' 2016D ULT Bonds to 'AAA' PSF/'AA-' Underlying
--$25.2 million unlimited tax (ULT) refunding bonds, series 2016D, revised to 'AAA'.
The 'AAA' long-term rating on the bonds is based on a guaranty provided by the Texas Permanent School Fund (PSF), whose bond guaranty program is rated 'AAA' by Fitch. Additional information on the Texas PSF is available in Fitch's Aug. 5, 2015 press release, 'Fitch Affirms Texas Permanent School Fund at 'AAA'; Outlook Stable', available at 'www. fitchratings. com'.
The bonds' underlying rating is 'AA-' with a Stable Outlook. For more information, see Fitch's Sept. 14, 2016 press release, 'Fitch Rates Port Arthur ISD (TX) $25.2MM Series 2016D and $52.5MM 2016E ULT Rfdg Bonds 'AA-''.
The 'AAA' rating based on the Texas Permanent School Fund (PSF) guaranty is sensitive to changes in the programmatic rating of the PSF.