S&P Global Ratings assigned its 'A-' long-term rating to Harris County Municipal Utility District (MUD) No. 44, Texas's $3 million series 2024 unlimited tax bonds. The outlook is stable. The bonds are payable from a continuing direct annual ad valorem tax, without legal limitation as to rate or amount, levied upon all taxable property within the district. Bond proceeds will fund the replacement of treatment systems at one of the district's water plants. The 300-acre district is located roughly 18 miles northwest of downtown Houston. The rating reflects its growing tax base, moderately high overall net debt and low direct debt, very strong reserves, and fully built-out status of development that, we believe, limits its capital needs compared to a
