Summary: Brazoria County Municipal Utility District No. 17, Texas; General Obligation Jan 13

Standard & Poors, January 2013

Abstract
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: 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.

- Brazoria Cnty Mun Util Dist #17

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