Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to Brazoria County Municipal Utility District (MUD) No. 17, Texas' series 2013 unlimited-tax refunding bonds. At the same time, Standard & Poor's affirmed its 'BBB+' underlying rating (SPUR) on the MUD's general obligation (GO) debt. The outlook is stable. The rating reflects our view of the district's: Mature status of development and lack of plans to issue additional debt; Strong and stable property tax base, coupled with access to Houston; and Very strong financial position in addition to a very low direct tax rate. We believe the district's high overall net debt burden offsets, in part, the abovementioned strengths. The bonds are secured by revenue from an unlimited ad valorem...
Companies mentioned in this report are:
- Brazoria Cnty Mun Util Dist #17
Action: New Rating
Action: Outlook: Stable
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