CUSIP 887776EP3

  • ISIN: US887776EP33
  • Entity Name: Tioga Independent School District, Texas
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Rating Downgrade
  • News: S&P Global Ratings lowered its underlying rating (SPUR) on Tioga Independent School District, Texas` general obligation (GO) debt one notch to `BBB-` from `BBB`. The outlook is negative. The rating action reflects our opinion of the district`s low general fund balance that has materially weakened since our last review, coupled with a revision of the district`s financial management practices to vulnerable from standard and debt we view as high. We believe the district`s budgetary flexibility is very limited as a result. The negative outlook reflects our view that any further budgetary pressure, whether it is from increased operating costs or one-time capital spending, would leave the district with a negative general fund balance, coupled with a sustained structural general fund imbalance. The outlook also reflects our view that there is, at least, a one-in-three chance we could lower the rating further within a one-year outlook period. The district did not publicly offer the series 2016 lease revenue bonds, issued in October 2016; the underwriter purchased them. We learned of the issuance while performing internal surveillance and incorporated the bonds into our debt analysis. We have not rated the series 2016 lease revenue bonds. The district`s unlimited-ad valorem-tax pledge secures the GO debt.
  • Description: *****
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