Fitch Rates Austin ISD, Texas GO Bonds 'AAA' PSF.AUSTIN, Texas -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an 'AAA' rating to Austin Independent School District Austin Independent School District is a school district that is based in the city of Austin, Texas. It was established in 1881. Its current Superintendent is Dr. Pascal D. Forgione, Jr. Austin ISD serves most of the city of Austin with an enrollment of 78,000 students. , Texas' (the district) approximately $15 million unlimited tax refunding bonds, series 2006B. The 'AAA' rating is based on a guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. provided by the Texas Permanent School Fund (PSF) whose financial strength is rated 'AAA' by Fitch. The underlying rating for the series 2006B bonds as well as the district's $464.4 million in outstanding unlimited tax bonds (net of refunding) is 'AA'. The Rating Outlook is Stable. The series 2006B bonds are scheduled to sell on or around Nov. 13 via negotiation through Estrada Hinojosa & Company, Inc. The bonds are payable from an ad valorem tax Ad Valorem Tax A tax based on the assessed value of real estate or personal property. In other words ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenues for state and municipal governments. levied, without limitation as to rate or amount, on all taxable property within the district, and are secured further by the PSF guaranty. Proceeds will be used to refund a portion of the district's outstanding unlimited tax bonds for interest savings and pay costs of issuance. For more information on the district, please refer to the Fitch release dated Oct. 30, 2006, titled 'Fitch Rates Austin Independent School District, Texas Unlimited Tax Bonds 'AA". Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion