Summary: Northwest Harris County Municipal Utility District No.32, Texas; General Obligation Nov 11

Standard & Poors, November 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to Northwest Harris County Municipal Utility District (MUD) No. 32, Texas' series 2012 unlimited-tax bonds. At the same time, Standard & Poor's affirmed its 'BBB+' long-term and underlying rating (SPUR) on the district's general obligation (GO) debt outstanding. The outlook on all ratings is stable. The ratings reflect our opinion of the district's: Moderate direct-tax rates and High overall net debt burden coupled with an extended amortization schedule. In our view, the above credit weaknesses are partly offset by the district's: Mature status of development; Participation in the deep and diverse economy of the Houston metropolitan statistical area (MSA); and Very strong financial position. Unlimited ad valorem taxes levied on...

Companies mentioned in this report are:
- Northwest Harris Cnty Mun Util Dist #32
- Klein Indpt Sch 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.

- Northwest Harris Cnty Mun Util Dist #32
- Klein Indpt Sch Dist

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