Standard&Poor's Ratings Services affirmed its 'A-' long-term rating 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 our 'A-' underlying rating (SPUR) on the district's GO bonds outstanding. The series 2013 bonds were initially rated in June 2013, but the sale was postponed. The outlook is stable. The ratings reflect 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 financial flexibility; and Mature status of development, limiting any significant future capital needs. In our opinion, the preceding credit strengths are partly offset by the district's high overall net
