S&P Global Ratings affirmed its ?AA-? underlying rating (SPUR) on Fort Bend County Municipal Utility District (MUD) No. 35 , Texas' general obligation (GO) debt outstanding. The outlook is stable. An unlimited ad valorem tax levied on all taxable property within the district secures the bonds. The rating reflects our view of a stable and mature tax base, which limits the needs for significant capital, a history of stable financial performance with a strong reserve position, and a low debt burden. In April 2025, approximately $8.2 million of debt service and operating funds were fraudulently taken in a cyber incident. Of the $8.2 million, $4 million was from the general fund and the remaining $4.2 million was from the debt
