Fitch Rates Highland Park ISD, Texas' Series 2016 ULTs 'AAA' PSF; Outlook Stable
--\\$203.1 million ULT school building bonds, series 2016.
The 'AAA' long-term rating on the bonds is based on a guarantee provided by the Texas Permanent School Fund (PSF), whose bond guarantee program is rated 'AAA' by Fitch. For additional information on the Texas PSF rating please refer to Fitch's Aug. 5, 2015 press release, 'Fitch Affirms Texas Permanent School Fund at 'AAA'; Outlook Stable', available at 'www.fitchratings.com'.
The bonds are expected to price via competitive sale on Feb. 23, 2016. Proceeds will be used to construct and equip school facilities, acquire real property, and pay debt issuance costs.
The Rating Outlook is Stable.
For more information on the district, please see Fitch's Jan. 29, 2016 press release, 'Fitch Rates Highland Park ISD, TX Series 2016 ULTs 'AA+', available at 'www.fitchratings.com'.
The bonds are payable from the district's levy of an unlimited ad valorem tax on all taxable property within the district and also carry the Texas PSF bond guaranty.