New York, June 02, 2015 -- At the request of San Antonio Independent School District (the District), we have reviewed the planned refinancing of the District's outstanding commercial paper notes Series A with proceeds of the District's Unlimited Tax School Building and Refunding Bonds, Series 2015. The refinancing, in and of itself and as of this time, will not result in any change in our rating of the commercial paper. Our rating will continue to be based on the short-term rating of the Royal Bank of Canada as provider of a credit agreement supporting the notes and our credit assesment of the District.

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