Moody's Investors Service has upgraded to A1 from A2 the underlying rating on Three Rivers Independent School District (TX) and assigned an A1 to the district's $14.22 million Unlimited Tax School Building Bonds, Series 2012. The upgrade to A1 affects $13.5 million in outstanding parity debt. In addition to the ratings, we have assigned a Aaa enhanced rating to the current sale reflecting the guarantee of the Texas Permanent School Fund (PSF). Proceeds from the sale of bonds will primarily be used to construct a new elementary school.
SUMMARY RATING RATIONALE - UNDERLYING