Standard & Poor's Ratings Services said it lowered its school issuer credit rating and underlying rating to BBB-minus from BBB on Rio Vista Independent School District, Texas' previously issued general obligation bonds and placed the ratings on CreditWatch with negative implications.

At the same time, Standard & Poor's affirmed its AAA long-term rating on the district's existing bonds guaranteed by the Texas Permanent School Fund. The AAA program rating reflects the strength and stability of the Texas Permanent School Fund's guarantee. The outlook on the long-term ratings is stable.

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