S&P Global Ratings assigned its 'A' long-term rating to Newport Municipal Utility District (MUD), Texas' series 2016A unlimited tax bonds. At the same time, S&P Global Ratings 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 and strong taxable value growth; Adequate 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 series 2016A bonds are secured by revenue from an unlimited ad valorem tax levied on all taxable property within
