Summary: Stephenville Independent School District, Texas; School State Program Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' program rating and 'A+' school issuer credit rating (ICR) and stable outlook to Stephenville Independent School District, Texas' series 2011 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'AAA' program rating and 'A+' ICR, with a stable outlook, on the district's existing GO debt. The program rating reflects our opinion of the district's eligibility for, and participation in, the Texas Permanent School Fund guarantee. The ICR reflects our opinion of the district's: Very strong finances; and Low debt with, what we consider, rapid amortization. We believe a lack of significant depth in the district's economic base, indicated by, what we regard as, good, but below-average, income, somewhat constrains the rating. An...

Companies mentioned in this report are: Stephenville 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.

Stephenville Indpt Sch Dist,Texas Perm Sch Fd

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