DALLAS — Fitch Ratings and Standard & Poor’s upgraded the underlying credit of the Clear Creek Independent School District ahead of a new-money and refunding issue, citing continued tax-base expansion and financial stability.

The district, which is about 25 miles south of Houston, sold $95.4 million of unlimited-tax school building and refunding bonds yesterday in a negotiated sale led by Merrill Lynch & Co. About $78.9 million of the issue is new-money with $16.5 million of refunding bonds.

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