Summary: Williamson County Municipal Utility District No. 10, Texas; General Obligation Sep 10

Standard & Poors, September 2010

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to Williamson County Municipal Utility District (MUD) No. 10, Texas' series 2010A unlimited-tax refunding bonds. At the same time, Standard & Poor's affirmed its 'BBB+' rating on the district's series 2010 unlimited-tax bonds. The outlook is stable. The rating reflects our view of the district's: Proximity to both Round Rock and Georgetown, and access to the deep and diverse economy of the Austin MSA; Good financial position bolstered by the maintenance of historically healthy reserves; and Low total property tax rate. The ratings are constrained in part by the district's high overall net debt burden and a somewhat extended debt amortization schedule. An unlimited ad valorem tax levied on all...

Companies mentioned in this report are:
- Williamson Cnty Mun Util Dist #10

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.

- Williamson Cnty Mun Util Dist #10

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