S&P ups Conroe school district, Texas, to AA-, rates new issue AAA

Standard & Poor's said it raised its issuer credit rating on Conroe Independent School District, Texas' general obligation bonds to AA- from A+ and assigned an AAA enhanced rating to the district's $97 million series 2008 unlimited tax school and refunding bonds.

The outlook is stable.

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

The upgrade is based on the consistent expansion of the district's tax base, sustained enrollment growth and very strong financial performance, S&P said.

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