Standard&Poor's Ratings Services assigned its 'BBB' long-term rating to Brazoria County Municipal Utility District (MUD) No. 21, Texas' series 2013 unlimited-tax refunding general obligation (GO) bonds. At the same time, we affirmed our 'BBB' long-term rating and SPUR (underlying rating) on the district's existing GO debt. The outlook is stable. The ratings reflect our view of the district's: High direct property tax rate; High overall net debt burden; and Adequate financial position. The preceding credit factors are partly offset, in our view, by the district's: Mature status of development; and Access to, and participation in, the Houston metropolitan statistical area (MSA)'s deep and diverse economy. An unlimited ad valorem tax on all taxable property in the district secures
