S&P rates Cypress-Fairbanks school bonds AAA

Standard & Poor's said it assigned an AA- issuer credit rating to Cypress-Fairbanks Independent School District, Texas, and assigned an AAA program rating to its $258.965 million series 2008 unlimited-tax schoolhouse and general obligation refunding bonds and $25.5 million series 2002B unlimited-tax adjustable-rate schoolhouse bonds.

Series 2008 is dated Aug. 1, 2008 and is due Feb. 15, 2035. Series 2002B bonds are dated Nov. 15, 2002 and are due Aug. 15, 2024.

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

The outlook is stable.

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