Standard & Poor's Ratings Services assigned its 'BBB' long-term rating to Harris County Municipal Utility District (MUD) No. 396, Texas' series 2011 unlimited-tax bonds. At the same time, Standard & Poor's affirmed its 'BBB' underlying rating (SPUR) on the district's outstanding general obligation (GO) debt. The outlook on all bonds is stable. The rating reflects our view of the district's: Growing phase of development, coupled with potential growth-driven capital needs; High direct-tax rate; and High overall net debt burden. These factors are partly offset by our view of the district's: Rapid tax base expansion and Very strong financial position. The bonds are secured by an unlimited ad valorem tax levied against all taxable property within the district. The bond proceeds...
Companies mentioned in this report are:
- Harris Cnty Mun Util Dist #396
Action: New Rating
Action: Outlook: Stable
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