More than $143 million in Lake Travis Independent School District bonds were upgraded to "AA" standing from "AA-," Fitch Ratings said today.
The outstanding general obligation certificates were allocated in several rounds beginning in 2001, then again in 2003, 2004, 2005 and twice in 2006. The educational district owes $143.9 million.
The financial rating company cited strong tax base and enrollment growth in its reasoning for improving the rate. Secure financial standing and large unreserved funds also contributed to the new grade.
The west Austin school system at the same time has relatively low unemployment rates and a robust housing market, according to Fitch officials. District leaders have been historically conservative with spending.
The bonds are supported by a continuing direct ad valorem tax levied against property within the district and secured by a Texas Permanent School Fund guarantee, whose Insurer Financial Strength is rated "AAA."
The school district's 2009 unreserved general fund balance totaled $22.3 million and student enrollment has grown 4.3 percent during the past five years.
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