Standard&Poor's Ratings Services assigned its 'A-' long-term rating to Harris County Municipal Utility District (MUD) No. 188, Texas' series 2013 unlimited-tax bonds. We also affirmed our 'A-' long-term rating and underlying rating (SPUR) on the district's existing general obligation (GO) debt. The outlook on all the ratings is stable. The rating reflects our opinion of the district's: Access to Houston's deep and diverse economic base; Mature development, limiting any significant capital needs; and Very strong financial position with a with low property tax rate, which provides a degree of revenue-raising flexibility. The rating is, in our view, constrained by the district's: High debt burden; and Concentrated property tax base, given the presence of six apartment complexes. An unlimited
