Summary: Sienna Plantation Municipal Utility District No. 10, Texas; General Obligation Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB' long-term rating to Sienna Plantation Municipal Utility District (MUD) No. 10, Texas' series 2011 unlimited-tax bonds. At the same time, Standard & Poor's affirmed its 'BBB' long-term rating and underlying rating (SPUR) on the MUD's general obligation (GO) bonds outstanding. The outlook is stable. The ratings reflect our view of the district's: High overall net debt burden, Low financial position, and Moderate direct property tax rate. The preceding credit weaknesses are mitigated in part by our opinion of the district's: Participation in a master-planned community and access to the deep and diverse Houston MSA economy, and Strong and stable assessed value (AV) growth. The bonds are secured by an unlimited ad valorem...

Companies mentioned in this report are: Sienna Plantation Mun Util Dist #10,Fort Bend Indpt Sch Dist
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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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.

Sienna Plantation Mun Util Dist #10,Fort Bend Indpt Sch Dist

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