OREANDA-NEWS. Fitch Ratings has revised the rating on the following bonds of Alvin Independent School District, Texas:

--$90.5 million unlimited tax (ULT) schoolhouse and refunding bonds, series 2016A, revised to 'AAA'.

The 'AAA' long-term rating on the bonds is based on a guarantee provided by the Texas Permanent School Fund (PSF), whose bond guarantee program is rated 'AAA' by Fitch. Additional information on the Texas PSF is available in Fitch's Aug. 5, 2015 press release, 'Fitch Affirms Texas Permanent School Fund at 'AAA'; Outlook Stable', available at 'www. fitchratings. com'.

The bonds' underlying rating is 'AA' with a Stable Outlook. For more information, see Fitch's July 19, 2016 press release, 'Fitch Rates Alvin ISD, TX's ULT Schoolhouse & Rfdg Bonds 'AA'; Outlook Stable'.

RATING SENSITIVITIES

The 'AAA' rating based on the Texas Permanent School Fund (PSF) guarantee is sensitive to changes in the programmatic rating of the PSF.