KBRA assigns a long-term rating of AA- to El Paso Independent School District, TX outstanding Unlimited Tax School Building Bonds. The rating Outlook is Stable.

Key Credit Considerations

The rating was assigned because of the following key credit considerations:

Credit Positives

• Large regional economy anchored by Fort Bliss, healthcare, government, and education.
• Sizable tax base with moderate taxpayer concentration and strong collections.
• Manageable tax-supported debt burden

Credit Challenges

• Material reserve deterioration and a significant FY 2026 budgetary miss.
• Persistent enrollment decline requiring sustained structural expenditure reductions.

Rating Sensitivities

For Upgrade

• Sustained structural balance, rebuilding of reserves, and stabilization of enrollment trends.

For Downgrade

• Further reserve deterioration, inability to restore recurring balance and execute on the stabilization plan, or material growth in long-term liabilities.

To access ratings and relevant documents, click here.

Methodology

• Public Finance: U.S. Local Government General Obligation Rating Methodology

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1017926

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