Standard&Poor's Ratings Services assigned its 'BBB-' long-term rating, and stable outlook, to Brazoria County Municipal Utility District (MUD) No. 21, Texas' series 2010 unlimited-tax general obligation (GO) bonds and affirmed its 'BBB-' long-term rating and underlying rating, with a stable outlook, on the district's existing GO debt. The rating reflects our 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 the district's: Mature development, limiting any significant additional capital needs; and Access to Houston's deep and diverse economy. The 625-acre MUD No. 21 is one of two district's that serve the 1,100-acre master-planned community known as the Lakes of Savannah. The
