Harris County Municipal Utility District No. 220, TX GO Rating Raised To #BBB# On Stronger Finances, Improving Debt

Stocks and Financial Services Press Releases Friday March 17, 2017 09:01
CENTENNIAL--17 Mar--S&P Global Ratings

CENTENNIAL (S&P Global Ratings) March 16, 2017--S&P Global Ratings raised its underlying rating (SPUR) on Harris County Municipal Utility District (MUD) No. 220, Texas' general obligation (GO) debt one notch to 'BBB' from 'BBB-'. The outlook is stable.

The rating action reflects S&P Global Ratings' opinion of the MUD's significant fund balance increase to very strong from low and improving debt profile due to its continuously growing property tax base.

"We do not expect to change the rating within our two-year outlook period. However, we could raise the rating if debt were to decrease significantly, concurrently with a reduction in tax rates, as well as lowered tax base concentration," said S&P Global Ratings credit analyst Belle Wu. "If reserves were to decrease significantly or if debt issuance were to outpace tax base growth, we could lower the rating."

The stable outlook reflects S&P Global Ratings' opinion that the MUD's mature development will likely limit significant capital needs. In addition to decreasing debt, the rating service expects management will likely maintain, what S&P Global Ratings considers, very strong finances, supported by a healthy tax base.

An unlimited-ad-valorem-tax pledge on all taxable property within the MUD secures the bonds.
Texas' Property Tax Infrastructure Districts: Ongoing Growth Contributes To
Credit Stability Despite Concerns Over Low Oil Prices, July 14, 2015

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

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