Summary: Humble Indpt Sch Dist, TX; Tax Secured, General Obligation; Tax Secured, School State Program Dec 04

Standard & Poors, December 2004

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating to Humble Independent School District, Texas' unlimited-tax school building bonds, series 2004, and affirmed its 'A+' underlying rating (SPUR) on the district's outstanding debt. The unenhanced 'A+' rating and 'A+' Standard & Poor's underlying rating (SPUR) reflect the district's: Participation in the broad Houston area economy; Good financial performance, resulting in a strong reserve position; and Sizable tax base that has experienced consistently good growth. Offsetting these strengths is a very high debt burden combined with enrollment growth related operational and capital needs. The 'AAA' enhanced rating on the outstanding bonds reflects the credit enhancement provided by the Texas Permanent School Fund. The Permanent Fund, under Article VII, Section 5 of...

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

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

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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.

- Humble Indpt Sch Dist

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