The Crystal City Independent School District in South Texas saw its underlying rating downgraded by Fitch Ratings to BBB-plus from A-minus, but the action may not have much impact. With its $23.6 million of general obligation bonds guaranteed by the Texas Permanent School Fund, the debt also has a triple-A enhanced rating.

The PSF, which has been sidelined this year by capacity limits, will be available to Texas school districts in 2010, now that the Internal Revenue Service has agreed to double the capacity of the fund to back debt.

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