Summary: Harris County Municipal Utility District No. 64, Texas; General Obligation Apr 12
Standard & Poors, April 2012
Abstract
Standard & Poor's Ratings Services has assigned its 'BBB+' rating to Harris County Municipal Utility District (MUD) No. 64, Texas' series 2012A unlimited-tax bonds. At the same time, Standard & Poor's affirmed its 'BBB+' rating on the district's existing general obligation (GO) debt. The outlook is stable. The ratings reflect our view of the MUD's: Recent decline in taxable assessed value; and High overall net debt burden, coupled with below-average amortization. The following factors mitigate our view of these weaknesses: Mature status of development; and Good financial position, with low direct and total property tax rates. An unlimited ad valorem tax levied on properties within the district secures the bonds. The proceeds will fund capital improvements. The MUD encompasses approximately...
Companies mentioned in this report are: Harris Cnty Mun Util Dist #64,Katy 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.
Harris Cnty Mun Util Dist #64,Katy Indpt Sch Dist
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