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GARLAND INDEPENDENT SCHOOL DISTRICT, TX - Moody's Research Report

Moody's assigns Aaa underlying rating and Aaa enhanced rating to Garland Independent School District's (TX) $25.8 million Unlimited Tax Refunding Bonds, Series 2012A; outlook remains negative

Posted on: June 1, 2012, 7:32 pm

NEW YORK, June 01, 2012 --Moody's Investors Service has assigned a Aaa underlying rating to Garland Independent School District's (TX) $25.8 million Unlimited Tax Refunding Bonds, Series 2012A. The outlook on the rating remains negative. Concurrently, Moody's has affirmed the Aaa underlying rating and negative outlook on the district's $370.7 million in outstanding parity debt, net of the current issue. In addition to the underlying rating, we have assigned a Aaa enhanced rating to the current sale provided by the guarantee of the Texas Permanent School Fund (PSF). Proceeds from the Series 2012A bonds will refund certain maturities of the district's Series 2004B variable-rate bonds, eliminating the district's interest-rate risk. The proposed refunding will shorten the maturity of the refunded bonds by five years...

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