DALLAS - The Houston Independent School District welcomed an upgrade from Standard & Poor's last week, but it's waiting for a second opinion from the courts before it can go to market with $400 million of general obligation bonds approved last November.

The one-notch upgrade to AA-plus made Houston ISD only the second district in the state, along with Lewisville Independent School District, with that underlying rating. There are no triple-A school districts in Texas, but most carry triple-A rated debt through guarantees by the Texas Permanent School Fund.

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