Summary: Rockwall Independent School District, Texas; General Obligation; School State Program Jan 11

Standard & Poors, January 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA' issuer credit rating (ICR) and 'AAA' enhanced program rating to Rockwall Independent School District, Texas' unlimited-tax refunding bonds, series 2011. At the same time, Standard & Poor's affirmed its 'AA' ICR on the district's existing debt. The 'AAA' enhanced program rating on the district's existing debt is affirmed as well. The enhanced long-term rating reflects the strength and liquidity of the Texas Permanent School Fund guarantee. The ICR reflects the district's: Very strong wealth and income levels, which are boosted by its participation in the Dallas-Fort Worth metropolitan area; Sound financial position, including the maintenance of strong levels of reserves; and Strong assessed value (AV) growth. These factors are offset, in part,...

Companies mentioned in this report are:
- Rockwall Indpt Sch Dist

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Rockwall Indpt Sch Dist

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