Standard & Poor's Ratings Services said it raised its school issuer credit rating and underlying rating on Pilot Point Independent School District, Texas' general obligation debt one notch to AA-minus from A-plus.
The outlook is stable.
The upgrade reflects Standard & Poor's opinion of the district's historical maintenance of its very strong financial performance.
Standard & Poor's also affirmed its AAA program rating on the district's existing GO debt, reflecting the strength of the Texas Permanent School Fund bond guarantee program.
"We believe that, what we regard as, the district's conservative budgeting practices will likely allow management to maintain very strong finances and that additional capital needs will likely remain manageable. We also believe the district's access to the Dallas-Fort Worth metropolitan statistical area provides additional stability to the area," said Standard & Poor's credit analyst Emmanuelle Lawrence. "For these reasons, we do not expect to change the rating during the two-year outlook period."
