Summary: Harris County Municipal Utility District No. 419, Texas; General Obligation Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' rating, and stable outlook, to Harris County Municipal Utility District No. 419 (MUD No. 419), Texas' series 2011 general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'BBB-' long-term rating on the district's GO debt outstanding. The outlook is stable. The rating reflects what we view as the district's: Elevated debt burden, coupled with slow amortization; High property tax rate; and Additional capital needs. The preceding credit factors are mitigated, in part, by our view of the district's: Continued rapid assessed value (AV) growth; Improved and good financial position; and Development as a master-planned community within the Houston metropolitan statistical area's deep and diverse economy. An unlimited ad...

Companies mentioned in this report are:
- Harris Cnty Mun Util Dist #419

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.

- Harris Cnty Mun Util Dist #419

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