Dallas ISD, Texas, Upgraded to AA by S&P

Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA from AA-minus on Dallas Independent School District, Texas' existing general obligation debt.

At the same time, Standard & Poor's assigned its AA long-term rating to the district's series 2015 multi-modal limited maintenance tax notes. The outlook is stable.

"The raised rating reflects our view of the district's well-embedded financial management practices and policies, which we believe have resulted in its sustained trend of improved finances during the past five years," said Standard & Poor's credit analyst Jennifer Garza. "We expect this improved level of performance to continue despite potential changes in management."

Officials plan to use the series 2015 bond proceeds to fund renovation and repair of existing facilities.

The district covers about 80% of Dallas, as well as some nearby suburbs. The district benefits from being at the center of the Dallas metropolitan statistical area, which remains a vibrant regional economic center.

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