River Place Municipal Utility District, TX 2009 Refunding Bond Rating Raised To 'AAA' On Debt Assumption By Austin, TX

DALLAS (S&P Global Ratings) May 10, 2019--S&P Global Ratings has corrected by raising its long-term and underlying ratings (SPUR) on River Place Municipal Utility District (MUD), Texas' series 2009 unlimited-tax refunding bonds to 'AAA' from 'A+'. The outlook is stable. "We base the upgrade on the assumption by the City of Austin of the MUD's debt," said S&P Global Ratings credit analyst Amahad Brown. In accordance with the Strategic Partnership Agreement between the City of Austin, Texas (AAA/Stable) and the MUD, as amended by the First Amendment executed on Aug. 24, 2016, the City of Austin assumed all payments for the district's series 2009 unlimited-tax refunding bonds outstanding effective Oct. 2, 2017. All land within the district was subsequently full

...DALLAS (S&P Global Ratings) May 10, 2019--S&P Global Ratings has corrected by raising its long-term and underlying ratings (SPUR) on River Place Municipal Utility District (MUD), Texas' series 2009 unlimited-tax refunding bonds to '###' from 'A+'. The outlook is stable. "We base the upgrade on the assumption by the City of Austin of the MUD's debt," said S&P Global Ratings credit analyst Amahad Brown. In accordance with the Strategic Partnership Agreement between the City of Austin, Texas (###/Stable) and the MUD, as amended by the First Amendment executed on Aug. 24, 2016, the City of Austin assumed all payments for the district's series 2009 unlimited-tax refunding bonds outstanding effective Oct. 2, 2017. All land within the district was subsequently full purpose annexed by the city effective Dec. 15, 2017. For more information on the City of Austin, see the most recent summary analysis published Aug. 23, 2018, on RatingsDirect. The stable outlook on the series 2009 bonds reflects the...

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