Standard&Poor's Ratings Services assigned its 'BBB' rating, and stable outlook, to Fort Bend County Municipal Utility District (MUD) No. 35, Texas' series 2008 unlimited-tax general obligation (GO) bonds. The rating reflects the district's: Location and participation within the Houston metropolitan statistical area (MSA), which has helped support the district's rapid property tax base growth; Moderate direct property tax rate, which provides revenue-raising flexibility; and Adequate financial position with sound reserves. The district's high overall net debt burden offsets these strengths. An unlimited ad valorem tax on all property within the district secures the bonds. Officials will use bond proceeds to make general improvements to the district's water, sewer, and drainage facilities and reimburse developers for utility construction costs
