Summary: Harris County Municipal Utility District No.400, Texas; General Obligation Jan 13

Standard & Poors, January 2013

Abstract
Standard & Poor's Ratings Services assigned its 'BBB-' long-term rating to Harris County Municipal Utility District (MUD) No. 400, Texas' series 2013 unlimited tax bonds. At the same time, Standard & Poor's affirmed its 'BBB-' long-term rating on the district's existing general obligation (GO) bonds. The outlook on all ratings is stable. The rating reflects our opinion of the district's: High overall debt with additional growth-driven capital needs; and High property tax rate, limiting revenue-raising flexibility. We believe the rating is strengthened by the district's: Very strong finances; and Access to Houston's deep economic base. An unlimited ad valorem tax on all taxable property within the district secures the bonds. Officials intend to use the bond proceeds to refund the...

Companies mentioned in this report are:
- Harris Cnty Mun Util Dist #400

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 #400

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