Midland ISD Receives Credit Ratings from Moody's Investors Service and Standard & Poor's Global Ratings
November 30, 2017 - Midland Independent School District has received its 2017 ratings from Moody's Investor Service and S&P Global Ratings in regards to its $54.3 million Unlimited Tax Refunding Bonds, Series 2017.
Moody's Investors Service has assigned an underlying rating of Aa2 and maintains the Aa2 rating on the district's outstanding general obligation debt. In addition to the underlying rating, Moody's has assigned a Aaa enhancement rating to the current issue based on a guarantee provided by the Texas Permanent School Fund (PSF). Post-sale, the district's outstanding genreal obligation debt will total $216 million.
S&P Global Ratings assigned its 'AAA' long-term (program) rating and 'AA' underlying rating to the district's unlimited-tax refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' underlying rating on the district's existing general obligation (GO) debt.
"The District is very pleased to realize savings to our debt service fund in excess of $3.4 million as a result of taking action on bond refinancing," said Darla Moss, chief financial officer for Midland Independent School District. "The credit ratings from Moody's and S&P were essential to this process."
Both Moody's Investors Service and S&P Global Ratings have declared Midland Independent School District as having a stable outlook despite the effect of Chapter 41 recapture payments to the state and a strong economic concentration in the oil and gas sector.