Summary: Denton Independent School District, Texas; General Obligation; School State Program May 11

Standard & Poors, May 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' program rating and 'AA' school issuer credit rating (ICR), and stable outlook, to Denton Independent School District, Texas' series 2011 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'AAA' program rating and 'AA' ICR, with a stable outlook, on the district's existing GO debt. In addition, Standard & Poor's withdrew its enhanced and underlying ratings on the district's series 2010 unlimited-tax GO refunding bonds because the bonds never sold. The 'AAA' program rating reflects the Texas Permanent School Fund guarantee's strength. The ICR reflects our view of the district's: Participation in the broad and diverse north-central Texas economy; Continued expansion and diversification in the local property tax base, which, in our...

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

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.

- Denton Indpt Sch Dist
- Texas Perm Sch Fd

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