Standard&Poor's Ratings Services assigned its 'A' long-term rating to Newport Municipal Utility District (MUD), Texas' series 2016 waterworks and sewer system combination unlimited-tax and revenue refunding bonds. At the same time, Standard&Poor's affirmed its 'A' long-term rating and underlying rating (SPUR) on the district's general obligation (GO) debt outstanding. The outlook is stable. The rating reflects our assessment of the district's: Mature status of development, which will limit future capital needs; Very strong financial position and large tax base; and Low direct and total property tax rate, which provides revenue-raising flexibility. Partly offsetting the above strengths, in our opinion, is the district's high overall net debt burden. The bonds are secured by revenue from an unlimited
