Standard&Poor's Ratings Services assigned its 'A-' long-term rating, and stable outlook, to Harris County Municipal Utility District (MUD) No. 188, Texas' series 2010 unlimited-tax general obligation (GO) refunding bonds and affirmed its 'A-' underlying rating (SPUR), with a stable outlook, on the district's existing GO debt. The rating reflects our opinion of the district's: Access to Houston's deep and diverse economic base; Mature development, limiting any significant additional capital needs; and Strong financial position, indicated by healthy general fund balances. The rating, in our opinion, is constrained by the district's: Moderately high debt burden with plans to issue additional bonds in the near future; and Concentrated property tax base, given the presence of six apartment complexes. An unlimited
