Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Denton County, Texas' series 2005 certificates of obligation. Standard&Poor's also affirmed its 'AA' standard long-term rating and Standard&Poor's underlying rating (SPUR), and stable outlook, on the county's GO debt outstanding. The ratings reflect the county's: Location at the northern edge of the rapidly growing Dallas-Fort Worth MSA, coupled with its diverse economic and employment base; Sustained rapid property tax base growth; Above-average income levels; and Continued sound financial performance. Mitigating credit factors include the county's: High overall debt per capita, and Significant capital needs due to continued rapid development. The county's unlimited ad valorem taxing pledge secures the certificates. Denton County, which is
