Summary: Cypress-Fairbanks Independent School District, Texas; General Obligation; School State Program May 10

Standard & Poors, May 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' enhanced program rating, 'AA-' issuer credit rating (ICR), and stable outlook to Cypress-Fairbanks Independent School District, Texas' series 2010A unlimited-tax schoolhouse bonds issued as qualified school construction bonds. These instruments provide a tax credit to investors in lieu of a regular interest coupon, thereby providing for a federal subsidy to the district for the cost of this debt. The ratings do not address the tax credit component of this issue. We also affirmed the 'AA-' ICR and stable outlook on the district's general obligation (GO) debt. In addition, we affirmed our 'AAA' program rating on certain series of the district's GO debt. The program rating reflects the district's eligibility for, and participation...

Companies mentioned in this report are:
- Cypress-Fairbanks 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.

- Cypress-Fairbanks Indpt Sch Dist

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