DALLAS (Standard&Poor's) March 17, 2011--Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Brazoria County Municipal Utility District (MUD) No. 21, Texas' general obligation (GO) debt one notch to 'BBB' from 'BBB-' based on its opinion of the district's mature development and improved financial position. The outlook is stable. The rating reflects Standard&Poor's assessment of the district's: High overall net debt burden; and High direct tax rate, limiting any revenue-raising flexibility. These credit weaknesses are mitigated, in part, by Standard&Poor's view of the district's: Mature development, limiting any significant additional capital needs; Very strong financial position; and Access to Houston's deep and diverse economy. "We believe the district will
