Summary: Cinco Southwest Municipal Utility District No. 1, Texas; General Obligation Apr 11

Standard & Poors, April 2011

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating, and stable outlook, to Cinco Southwest Municipal Utility District (MUD) No. 1, Texas' series 2011 contract revenue road bonds and affirmed its 'BBB-' long-term rating and underlying rating (SPUR), with a stable outlook, on the district's existing contract revenue debt. The ratings reflect our opinion of the unconditional obligations of the participating MUDs to make payments severally to MUD No. 1 from the levy of an unlimited ad valorem property tax. The ratings also represent the participating MUDs' characteristics, which collectively demonstrate: A high overall net debt burden, including the direct debt of the individual participants and the overlapping taxing entities, with significant additional capital plans; and A high total...

Companies mentioned in this report are: Cinco Southwest Mun Util Dist #1
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Cinco Southwest Mun Util Dist #1

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