Moody's ups Comal school district, Texas, rates bonds Aaa

Moody's Investors Service said it upgraded Comal Independent School District's general obligation rating to Aa3 from A1 and assigned an Aaa enhanced rating to the Texas district's $150 million unlimited tax school building bonds, series 2008.

The enhanced rating is based on the guarantee of the Texas Permanent School Fund.

Proceeds will be used to expand two high schools and one middle school and to construct a new elementary school.

The upgrade affects $345 million in outstanding parity debt. It reflects the district's growing tax base, sound financial management practices resulting in healthy fund balance increases and strong socioeconomic indicators, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.