The Texas Bond Review Board (BRB) is responsible for the
approval of all state debt issues and lease purchases with an initial principal
amount of greater than $250,000 or a term of longer than five years.
As of August 31, 2011 Texas had a total of $40.50 billion in state debt
outstanding. Texas' general obligation debt is split rated at Aaa/AA+/AAA by the
three credit rating agencies, Moody's Investors Service, Standard & Poor's
and Fitch Ratings.