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Summary: Fairfield Independent School District, Texas; General Obligation; School State Program Apr 09

Description:
Abstract
Standard & Poor's Ratings Services assigned its 'A+' long-term rating, and stable outlook, to Fairfield Independent School District, Texas' series 2009 unlimited-tax general obligation (GO) school building bonds and affirmed its 'A+' issuer credit rating (ICR) and 'AAA' program rating, with a stable outlook, on the district's existing GO debt. The program rating on the district's previously issued debt reflects the security of the Texas Permanent School Fund. In our view, the 'A+' rating reflects the district's: Good financial position with very strong reserves, Strong property wealth and adequate income levels, and Low overall debt burden as a percent of market value. In our opinion, the district's local economy, which is heavily reliant on mineral production, offsets, in part, these...

Companies mentioned in this report are: Fairfield 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.
Companies Mentioned
Fairfield Indpt Sch Dist,Texas Perm Sch Fd
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Summary: Fairfield Independent School District, Texas; General Obligation; School State Program Apr 09

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