Summary: Harris-Fort Bend Cntys Mun Util Dist #5, TX; Tax Secured, General Obligation Jul 04

Standard & Poors, July 2004

Abstract
Standard & Poor's Ratings Services affirmed its 'BBB-' rating, and stable outlook, on Harris-Fort Bend Counties Municipal Utility District (MUD) No. 5, Texas' unlimited-tax GO bonds. The rating reflects the district's: Limited property tax base; High debt burden with additional capital needs; and High tax rate. Offsetting these weaknesses, in part, are the district's: Location in the Houston MSA; and Stable operating history, with strong reserve levels. Harris-Fort Bend Counties MUD No. 5 is south of Katy, Texas, about 26 miles west of downtown Houston, Texas. The district encompasses 261 acres, 232 acres of which have been developed; An additional 174 acres are in the process of being annexed. To date, there are 613 developed residential lots with roughly 600...

Companies mentioned in this report are:
- Harris-Fort Bend Cntys Mun Util Dist #5
- Katy Indpt Sch Dist

Action: Affirmed

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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.

- Harris-Fort Bend Cntys Mun Util Dist #5
- Katy Indpt Sch Dist

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