Summary: Cypress Hill Municipal Utility District No. 1, Texas; General Obligation Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating and stable outlook to Cypress Hill Municipal Utility District (MUD) No. 1, Texas' series 2011 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'BBB+' underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: Very strong financial position; and Mature development, limiting any significant capital needs. We believe the district's high overall debt burden constrains the rating. An unlimited ad valorem tax levied on all taxable property within the district secures the bonds. Officials plan to use bond proceeds to refund a portion of the MUD's debt outstanding for interest savings. MUD No. 1 constructs and operates water,...

Companies mentioned in this report are: Cypress Hill Mun Util Dist #1
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.

Cypress Hill Mun Util Dist #1

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