ECISD Earns
ECISD Public Information
Edinburg CISD has been assigned an “AAA” rating by Fitch Ratings for the sale of the $111,920,000 in schoolhouse bonds which is set for Sept. 3-Oct. 6th. The rating gives the district a strong credit rating and confirms the district’s sound financial condition, said Rigoberto Abrego, assistant superintendent for Finance and Operations.
“A strong credit rating such as the one assigned to the Edinburg CISD bonds means that when the district issues the bonds, the cost of borrowing is lowered, thus saving taxpayer dollars to repay the debt,” said Abrego. Bonds are direct obligations of the district, payable from and secured by an unlimited property tax levied against all taxable property within the district, said Abrego.
Fitch officials said “the underlying rating reflects the district’s expanding tax base, moderate debt burden substantially supported by the state, and healthy financial condition despite enrollment growth pressures and capacity restraints.”
“The Outlook was recently revised to the Positive reflecting the service area’s expanding and diversifying economy, the district’s solid voter confidence as reflected by the recent elections results, and additional maintenance tax capacity created by refunding the district’s lease revenue bonds with voter-approved general obligation (GO) bonds,” wrote Fitch officials.
Edinburg CISD has been assigned an “AAA” rating by Fitch Ratings for the sale of the $111,920,000 in schoolhouse bonds which is set for Sept. 3-Oct. 6th. The rating gives the district a strong credit rating and confirms the district’s sound financial condition, said Rigoberto Abrego, assistant superintendent for Finance and Operations.
“A strong credit rating such as the one assigned to the Edinburg CISD bonds means that when the district issues the bonds, the cost of borrowing is lowered, thus saving taxpayer dollars to repay the debt,” said Abrego. Bonds are direct obligations of the district, payable from and secured by an unlimited property tax levied against all taxable property within the district, said Abrego.
Fitch officials said “the underlying rating reflects the district’s expanding tax base, moderate debt burden substantially supported by the state, and healthy financial condition despite enrollment growth pressures and capacity restraints.”
“The Outlook was recently revised to the Positive reflecting the service area’s expanding and diversifying economy, the district’s solid voter confidence as reflected by the recent elections results, and additional maintenance tax capacity created by refunding the district’s lease revenue bonds with voter-approved general obligation (GO) bonds,” wrote Fitch officials.