Standard&Poor's Ratings Services assigned a 'A-' long-term rating along and stable outlook on Fort Bend County Municipal Utility District (MUD) No. 35, Texas' series 2013, unlimited tax refunding general obligation(GO) bonds. At the same time we affirmed its 'A-' underlying rating (SPUR) along with stable outlook on the district's outstanding GO bonds. The rating reflects our view of the district's: Access to Houston's deep economic base; Very strong finances and low direct property tax rate which provide additional liquidity; and Mature status of development, limiting any significant future capital needs. The preceding credit strengths are offset in part by our view of the district's high overall net debt burden. An unlimited ad valorem tax on all taxable property
