Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Denton County, Texas' series 2016 permanent improvement general obligation (GO) refunding bonds and affirmed its 'AAA' rating, with a stable outlook, on the county's existing GO debt. The rating reflects our opinion of the following credit factors, specifically the county's: Very strong economy, with access to a broad and diverse metropolitan statistical area (MSA) and a local stabilizing institutional influence; Very strong management, with strong financial management policies and practices under our Financial Management Assessment (FMA) methodology; Strong budgetary performance, with an operating surplus in the general fund but break-even operating results at the total governmental fund level in fiscal 2014; Very strong budgetary flexibility, with an
