Summary: Beaumont Indpt Sch Dist, TX; Tax Secured, General Obligation; Tax Secured, School State Program May 03

Standard & Poors, May 2003

Abstract
The 'AAA' enhanced rating on Beaumont Independent School District, Texas' unlimited-tax GO refunding bonds is based on the enhancement by the Texas Permanent School Fund. The 'A+' Standard & Poor's underlying rating (SPUR) is based on the district's: Stable economic base despite the significant presence of the petrochemical sector; Good reserve levels; and Moderate overall net debt burden, stabilized by flat enrollment and good facility maintenance. Concentration in the tax base associated with the petrochemical industry moderates these strengths. An unlimited ad valorem property tax pledge secures the bonds, the proceeds of which will be used to advance refund various maturities of the district's series 1994 bonds outstanding. The 153 square-mile Beaumont Independent School District is in Jefferson County along...

Companies mentioned in this report are:
- Beaumont Indpt Sch Dist
- Texas Perm Sch Fd

Action: New Rating

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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.

- Beaumont Indpt Sch Dist
- Texas Perm Sch Fd

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