Standard&Poor's Ratings Services assigned its 'A-' long-term rating to Fort Bend County Municipal Utility District (MUD) No. 35, Texas' series 2016 unlimited-tax refunding bonds. At the same time, Standard&Poor's affirmed its 'A-' long-term rating and underlying rating (SPUR) on the district's previously issued general obligation (GO) debt. The outlook is stable. The 'A-' rating reflects our assessment of the district's: Built-out status of development, which indicates limited future capital needs; Very strong financial position; and Very low direct property tax rate, which provides substantial revenue-raising flexibility. The preceding strengths are somewhat offset, in our view, by the MUD's high overall net debt burden. The bonds are secured by an unlimited ad valorem property tax levied on
