NEW YORK - Standard & Poor's Ratings Services said it raised its underlying rating (SPUR) to AA-minus from A-plus on Decatur Independent School District, Texas' parity general obligation (GO) debt. At the same time, Standard & Poor's assigned its AA-minus long-term rating and stable outlook to the district's series 2009 unlimited tax refunding bonds.
"The raised rating reflects our view of the district's strong and stable economic base coupled with very strong financial reserves," said Standard & Poor's credit analyst Jennifer Garza. "Further supporting the rating is the district's limited future capital needs and economy that is primarily dependent on petroleum products."
Series 2009 bond proceeds will be used to refund a portion of existing debt for present value savings.
Decatur Independent School District, with a population estimate of 18,450, is in Wise County about 60 miles north of the Dallas-Fort Worth metropolitan area and 30 miles west of Denton. The district serves 2,984 students on five campuses, and management is projecting marginal enrollment growth during the next several years.
