Summary: Cinco Municipal Utility District No. 1, Texas; General Obligation Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services assigned its 'A' long-term rating to Cinco Municipal Utility District (MUD) No. 1, Texas' series 2011A contract revenue bonds and affirmed its 'A' long-term rating and underlying rating (SPUR) on the district's previously issued contract revenue debt. The outlook is stable. MUD No. 1 provides common infrastructure as the master district for itself and other participating MUDs within the Cinco Ranch master-planned community. The ratings are based on the unconditional obligations of the participating MUDs to make payments severally to MUD No. 1 from the levy of an unlimited ad valorem property tax. In addition, an unlimited step-up provision exists to replenish the debt service reserve fund. The ratings also reflect our view of the...

Companies mentioned in this report are:
- Cinco 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.

- Cinco Mun Util Dist #1

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