Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) on Brazoria County Municipal Utility District (MUD) No. 21, Texas' general obligation (GO) debt one notch to 'BBB' from 'BBB-' based on its opinion of the district's mature development and improved financial position. The outlook is stable. 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 our view of the district's: Mature development, limiting any significant additional capital needs; Very strong financial position; and Access to Houston's deep and diverse economy. The 625-acre MUD No. 21 is one of two districts that serve the 1,100-acre master-planned
