May 2, 2024
Ratings reflect confidence in District long-term financial health
Ratings outlooks issued April 30 show confidence in Ector County ISD’s long-term financial health.
Moody’s Ratings has assigned a stable outlook on the underlying rating to Ector County ISD, affirming the Aa3 issuer and general obligation (GO) ratings. Additionally, Moody's has assigned Aa3 underlying and Aaa enhanced ratings to the district's Unlimited Tax School Building Bonds, Series 2024-A with an approximate par amount of $196.2 million and Variable Rate Unlimited Tax School Building Bonds, Series 2024-B with an approximate par amount of $100 million.
The affirmation of the Aa3 issuer rating and stable outlook assignment on the underlying rating reflects the district's steady economic profile, stabilizing enrollment trend, solid available fund balance that is comparable to peers, as well as manageable leverage that is well below peers after inclusion of additional borrowing planned in 2025.
“The stable outlook means Moody’s has great confidence in the work that we’re doing organizationally” said ECISD Superintendent Dr. Scott Muri. “Congratulations to our Trustees who have made wise investments over the last several years and to our finance team for their good financial management. It speaks well to what is happening in ECISD.”
Additionally, S&P Global Ratings has assigned its “AAA’ long-term and ‘A+’ underlying ratings to Ector County Independent School District’s proposed $196.23 million series 2024-A unlimited-tax school building bonds and $100 million series 2024-B variable-rate unlimited-tax school building bonds. The ‘AAA’ rating reflects the view of ECISD’s eligibility for, and participation in, the Texas Permanent School Fund bond guarantee program.
At the same time, S&P Global Ratings affirmed its ‘A+’ underlying rating on the district’s existing general obligation (GO) debt. The outlook is stable.
ECISD plans to go to the market for its first sets of bond sales in May and in June.