Fitch Ratings said it upgraded New Braunfels Independent School District, Texas' $130.1 million unlimited tax bonds (ULT) bonds underlying rating to AA-plus from AA.
The rating outlook has been revised to stable from positive.
The bonds are payable from ad valorem taxes levied against all taxable property within the district, without limitation as to rate or amount. In addition, the bonds are insured by the Texas PSF, whose bond guarantee program is rated AAA by Fitch.
The district has generated surplus results despite the challenging operating environment posed by recent state funding cuts, expanding general fund reserves to very high levels. Moreover, these results were achieved while prudently maintaining a modest margin of taxing flexibility for operations.
