Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'A-' from 'BBB+' on Fort Bend County Municipal Utility District (MUD) No. 35, Texas' general obligation (GO) bonds. The raised rating reflects our view of the district's good financial position bolstered by an increasing level of general fund reserves. The outlook is stable. More specifically, the rating reflects our view of the district's: Access to Houston's deep economic base; Low direct property tax rate; 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. Fort Bend County MUD No. 35 is located approximately 25 miles west of downtown Houston
