Summary: Fort Bend County Levee Improvement District No. 10, Texas; General Obligation Jul 12

Standard & Poors, July 2012

Abstract
Standard & Poor's Ratings Services assigned its 'A-' long term rating to Fort Bend County Levee Improvement District No. 10, Texas' unlimited tax park bonds. In addition, we affirmed our 'A-' long-term rating and underlying rating (SPUR) on the district's existing general obligation debt. At the time, we withdrew the rating we released on Feb. 28, 2012 because the district never sold the issue. The outlook is stable. The ratings reflect our view of the district's: Access to Houston's deep economic base; Essentially completed development, limiting any additional capital needs; and Very strong finances, coupled with a low direct tax rate. The preceding credit strengths are offset in part by our view of the district's: High overall net debt burden,...

Companies mentioned in this report are: Fort Bend Cnty Levee Imp Dist #10
Action: Affirmed
Action: New Rating

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.

Fort Bend Cnty Levee Imp Dist #10

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