Fitch Ratings withdraws the 'A' underlying rating on the following Prosper Independent School District, Texas' (the district) unlimited tax bonds (ULTs):
--$57.8 million in series 2004, 2005, and 2006 ULTs.
The rating withdrawal is due to insufficient information provided.
This rating action does not affect the 'AAA' long-term rating on the bonds, which is based on a guaranty provided by the Texas Permanent School Fund (PSF) and whose Insurer Financial Strength is rated 'AAA' by Fitch.
Additional information is available at 'www.fitchratings.com'
In addition to the sources of information identified in the Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, Zillow.com, and National Association of Realtors.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 16, 2010);
--'U.S. Local Government Tax-Supported Rating Criteria' (Oct. 08 2010);
--'Fitch Refines Methodology for Rating Tax-Supported Debt of Public Enterprises' (July 15, 2011).
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=548605
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=564566
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