...S&P Global Ratings assigned its '###-' rating to Harris County Municipal Utility District (MUD) No. 460, Texas' unlimited-tax bonds series 2020. At the same time, we affirmed our '###-' rating on the district's existing general obligation (GO) debt. The outlook is stable. Revenue from an unlimited ad valorem tax levied on all taxable property in the MUD secures the bonds. The bond proceeds will reimburse developers, fund capitalized interest, and pay costs related to the issuance of the series 2019 bond anticipation note. The '###-' rating reflects our view of the district's: + Access to Houston's deep and diverse economy; + Strong tax base expansion, as evidenced by double-digit growth in the past several years; + Status as an in-city MUD, resulting in limited operations and a low direct property tax rate; and + Very strong fund balances as a percent of budget. Partially offsetting these strengths, in our opinion, is the district's early status of development that will likely necessitate...
