Standard & Poor's Ratings Services affirmed its 'BBB-' Standard & Poor's underlying rating (SPUR), and stable outlook, on Harris County Municipal Utility District (MUD) No. 188, Texas' series 2003A unlimited-tax GO bonds. The SPUR reflects the district's: High total debt, and Moderate property tax base concentration. Factors that moderate these risks include the district's: Essentially complete status of development; Participation in the Houston MSA, boosting wealth and income levels; and Good reserve levels. Harris County MUD No. 188 is about 26 miles northwest of Houston, Texas' central business district with easy access throughout the entire MSA. Entirely within Houston's extraterritorial jurisdiction, the district's residents have nearby employment opportunities in IT; petrochemical; professional services; manufacturing and industrial; and retail, which is
