DALLAS — The Houston-area Royal Independent School District sold nearly $20 million of school building bonds yesterday following an upgrade of its underlying credit to A-plus from A-minus by Standard & Poor’s.

Only a handful of Texas school districts have sold bonds the past few weeks as many issuers remain on the sidelines due to volatile markets. That has been the case even though the credit enhancement of the state’s triple-A rated Permanent School Fund on school debt has become “the gold standard for muni bonds right now,” according to one trader in Texas.

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