S&P Global Ratings assigned its 'A-' rating to Harris County Municipal Utility District (MUD) No. 188, Texas' series 2016 unlimited tax refunding bonds. At the same time, we affirmed the 'A-' long-term and underlying ratings (SPUR) on the district's existing general obligation (GO) debt. The outlook is positive. The rating reflects our opinion of the MUD's: Access to Houston's deep and diverse economy; Mature development, limiting any significant capital needs; and Very strong finances with a with low property tax rate, which provides a degree of revenue-raising flexibility. We believe the rating is somewhat constrained by what we consider the MUD's: Moderately high debt; and Highly concentrated tax base due to the presence of six apartment complexes. An unlimited ad
