Summary: Sienna Plantation Municipal Utility District No. 10, Texas; General Obligation Sep 09

Standard & Poors, September 2009

Abstract
Standard & Poor's Ratings Services assigned its 'BBB' rating, and stable outlook, to Sienna Plantation Municipal Utility District (MUD) No. 10, Texas' series 2009 unlimited-tax bonds. At the same time, Standard & Poor's affirmed its 'BBB' underlying rating (SPUR), and stable outlook, on the district's parity debt. In our opinion, the ratings reflect the district's: Participation in a master-planned community, with access to the deep and diverse economy of the Houston MSA; and Strong and stable assessed value (AV) growth. In our view, the ratings are constrained by the district's: Moderate direct property tax rate; Low financial position; and High debt burden, coupled with future capital needs, due to its growing status of development. The bonds are secured by an...

Companies mentioned in this report are: Sienna Plantation Mun Util Dist #10
Action: Affirmed
Action: New Rating

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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

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