Summary: Harlingen Consolidated Indpendent School District, Texas; School State Program Aug 10

Standard & Poors, August 2010

Abstract
Standard & Poor's Ratings Services assigned it's 'AA-' issuer credit rating (ICR) and 'AAA' enhanced rating to Harlingen Consolidated Independent School District, Texas' series 2010A unlimited tax school building bonds (direct subsidy -- Build America Bonds). At the same time, Standard & Poor's affirmed its 'AA-' ICR and 'AAA' enhanced rating on the district's outstanding general obligation (GO) bonds. The outlook on all ratings is stable. The enhanced rating reflects, what we consider, the strength and liquidity of the Texas Permanent School Fund. The ICR reflects our view of the district's: Expanding property tax base, which benefits from a regional trade and service economy and has experienced steady growth; Continued very strong financial performance; and Moderate overall net debt burden....

Companies mentioned in this report are: Harlingen Cons 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.

Harlingen Cons Indpt Sch Dist

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