DALLAS - Overstating its enrollment has caused a fiscal crisis for a school district in Houston, while a Dallas charter school was forced to close its doors last week after Texas officials realized it overestimated student population figures and collected too much in state funds as result.

Standard & Poor's earlier this week lowered the credit of the North Forest Independent School Districtin northeast Houston two notches to the speculative-grade rating of BB from BBB-minus due to "severe fiscal distress." The downgrad applies to $68 million of outstanding debt.

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