Summary: Morton Road Municipal Utility District, Texas; General Obligation Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating and stable outlook to Morton Road Municipal Utility District (MUD), 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 parity GO debt. The rating reflects our opinion of the district's: Participation in the deep and diverse Houston metropolitan statistical area (MSA) economy; Completed development; and Very strong finances, coupled with, what we consider, limited capital needs due to its mature development. We believe what we consider high overall net debt somewhat offsets these factors. An unlimited ad valorem property tax secures the bonds. Officials plan to use bond proceeds to refund a portion of the district's...

Companies mentioned in this report are: Morton Rd Mun Util Dist
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.

Morton Rd Mun Util Dist

Customers who bought this item also bought

• Rights: Concepts and Contexts
• US Directory Suite: Federal, Federal Regional, State, County and Municipal Directories
• Government Investment Pools Report
• Charter Schools - Global Outlook
• Municipal Directory
• Venezuela Defence and Security Report 2013
• China Road Construction Industry Report, 2010
• China Road Construction Industry Report, 2010
• Russia: Higher Education Market. Analysis and Forecast to 2017
• Partnerships for Service-Learning. Impacts on Communities and Students