Summary: Pflugerville Indpt Sch Dist, TX; Tax Secured, School State Program Jul 04

Standard & Poors, July 2004

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' enhanced rating and 'A+' Standard & Poor's underlying rating (SPUR), and stable outlook, to Pflugerville Independent School District, Texas' $26 million series 2004 unlimited-tax GO school building bonds. The enhanced rating reflects the guarantee provided by the Texas Permanent School Fund. The SPUR reflects the district's: Rapid property tax base growth and participation in the Austin MSA area economy, High wealth and income levels, Relatively stable financial performance, and Competitive local property tax rate. Offsetting factors include the district's: High debt burden, coupled with ongoing capital needs; and High carrying charges. The district's full faith and credit pledge secures the bonds. Pflugerville Independent School District, with a population of 85,000, is a...

Companies mentioned in this report are:
- Pflugerville 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.

- Pflugerville Indpt Sch Dist

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