Summary: Fort Bend County Municipal Utility District No. 138, Texas; General Obligation Jun 11

Standard & Poors, June 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB' underlying rating (SPUR) to Fort Bend County Municipal Utility District (MUD) No. 138, Texas' unlimited-tax bonds, series 2007, and affirmed its 'BBB' SPUR on the district's existing general obligation (GO) debt. The outlook is stable. The rating reflects our view of the district's: High overall net debt burden, and Slow debt amortization. These factors are offset in part by our view of the district's: Participation in a master-planned community and access to Sugar Land, Texas, one of the Houston MSA's more affluent suburbs and Fort Bend County's economic center; Rapid assessed value (AV) growth; and Good, although nominally low, general fund reserves. An unlimited ad valorem tax levied on all taxable property...

Companies mentioned in this report are:
- Fort Bend Cnty Mun Util Dist #138
- Fort Bend Cnty Levee Imp Dist No 17

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

- Fort Bend Cnty Mun Util Dist #138
- Fort Bend Cnty Levee Imp Dist No 17

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