Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Denton County, Texas' series 2003 tax notes. The rating reflects the county's: Location at the northern edge of the rapidly growing Dallas-Fort Worth MSA, with its diverse economic and employment base; Sustained rapid property tax base growth; Above-average income levels; and Continued sound financial performance and position despite some general fund balance drawdowns for capital projects and land acquisitions. Offsetting credit factors include the county's: High overall per capita debt, and Significant capital needs due to rapid development. The county's limited-tax pledge secures the notes. Denton County is at the northern edge of the Dallas-Fort Worth Metroplex, and it has experienced rapid growth as the metroplex has
