In a statement issued March 3, Standard & Poor’s Ratings Services assigned AA+ and AAA ratings to Irving ISD construction bonds, credit rating and program rating.
The ‘AAA’ enhanced program rating reflects the district’s eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program, which provides the security of a permanent fund of assets that the district can use to meet debt service.
The ‘AA+’ rating reflects Standard & Poor’s assessment of the district’s deep, diversified local economic and employment base; access and position in the strong Dallas-Fort Worth metropolitan statistical area employment market; and historically very strong financial position coupled with very strong reserves.
According to Standard & Poor’s, the IISD financial performance remains very strong, despite the district’s recent declaration of financial exigency. The stable outlook on the ‘AAA’ enhanced program rating reflects S&P’s view of the Texas Permanent School Fund’s strength and liquidity. The stable outlook on the ‘AA+’ issuer credit rating reflects the expectation that IISD will continue to soundly manage its financial position and prudently administer its capital needs. Ratings officials do not expect to change the rating within the two-year outlook period, with the expectations that the district will likely maintain what is considered to be consistently strong reserve levels.
