Ratings agency KBRA awards top-tier AAA rating to the Austin Independent School District's unlimited tax bonds for school construction, Series 2025 (PSF). Existing debt ratings are maintained, and the outlook remains stable.
The Austin Independent School District (AISD) has received a boost as Kroll Bond Rating Agency (KBRA) has affirmed the AAA long-term rating for the District's Unlimited Tax School Bonds (PSF) and Unlimited Tax School Bonds (Non-PSF) outstanding.
This rating comes as a testament to the large, diverse, and growing tax base of AISD, which provides a reliable source of payment for the unlimited tax bonds. The District's Unlimited Tax School Building Bonds, Series 2025 (PSF) have also been assigned a AAA long-term rating by KBRA.
The stable outlook reflects KBRA's expectation of continued conservative management of the District's finances. However, the agency cautions that declining enrollment and statutory changes to the State's school funding system have limited prospects for growth in operating resources and contributed to recent budget deficits in the District. A failure to gradually restore structural balance coupled with depletion of reserves could lead to a downgrade.
KBRA is one of the major credit rating agencies, registered with the U.S. Securities and Exchange Commission as an NRSRO. The agency has subsidiaries registered as CRAs with European Securities and Markets Authority, UK Financial Conduct Authority, and Ontario Securities Commission. KBRA is also recognized as a Designated Rating Organization by the Ontario Securities Commission and as a Qualified Rating Agency by Taiwan's Financial Supervisory Commission.
For more detailed information about this rating action, the Information Disclosure Form(s) can be accessed here. Further disclosures relating to this rating action can also be found in the Information Disclosure Form(s) referenced above.
Strong financial management, policies, and procedures have historically sustained large unassigned reserves and strong liquidity in the District. However, continued reliance on non-recurring revenue sources to address budgetary shortfalls could also lead to a downgrade.
Peter Scherer, Mallory Yu, and Douglas Kilcommons are the Analytical Contacts for the Austin Independent School District rating. William Baneky and James Kissane are the Business Development Contacts for KBRA.
For those interested in understanding the meaning of each rating category, more information can be found here. Information on KBRA's methodology, rating categories, and disclosures can be found on their website (www.kbra.com).
To access ratings and relevant documents, click the provided link. The search results do not provide the name of the lead analyst at Kroll Bond Rating Agency who conducted the rating evaluation for the Austin Independent School District.
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