Summary: Harris County Municipal Utility District No. 106, Texas; General Obligation Feb 12

Standard & Poors, February 2012

Abstract
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating and stable outlook to Harris County Municipal Utility District (MUD) No. 106, Texas' series 2012 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'BBB+' underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: Access to the deep, diverse Houston metropolitan area; Mature development, limiting the likelihood of additional debt-supported capital needs; and Very strong finances. We believe what we consider the district's high overall net debt somewhat offsets these factors. An unlimited ad valorem tax levied on all taxable property in the district secures the bonds. Officials plan to use bond proceeds to refinance a portion of...

Companies mentioned in this report are: Harris Cnty Mun Util Dist #106
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.

Harris Cnty Mun Util Dist #106

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