DALLAS -- Moody's Investors Service this week confirmed the Aaa rating on the claims-paying ability of the Texas Permanent School Fund, which guarantees about $6.6 billion of outstanding debt for almost 450 school districts in the state.

"This confirmation stems not only from the Permanent School Fund's exceptionally strong fiscal position, but also from Moody's analytic review of the 438 school districts whose debt is guaranteed by [the fund] and rated by Moody's," according to a lengthy report released Tuesday by the New York City rating agency.

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