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 2010A unlimited-tax general obligation (GO) bonds and affirmed its 'A-' long-term rating and 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, coupled with low water and sewer and property tax rates, which provides a degree of revenue-raising flexibility. The rating is constrained by our view of the district's: High debt burden; and Concentrated property tax base, given the presence of six apartment complexes.
