OREANDA-NEWS. S&P Global Ratings assigned its 'A' underlying rating to Goodrich Independent School District, Texas' series 2016A and 2016B unlimited-tax school building bonds. At the same time, S&P Global Ratings assigned its 'AAA' rating to the district's series 2016A unlimited-tax school building bonds. The outlook is stable.

The long-term rating reflects our view of 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 on bonds guaranteed by the program.

"The 'A' rating reflects our opinion of the district's adequate income level, very strong available reserves, and moderate debt burden as a percentage of market value," said S&P Global Ratings credit analyst Joyce Jung.

We understand that bond proceeds will be used to renovate existing facilities.