Standard&Poor's Ratings Services raised its underlying rating (SPUR) on Newport Municipal Utility District, Texas' waterworks and sewer system revenue debt to 'BBB' from 'BBB-' due to the district's continued maturation, resulting in moderation of overall debt levels. Standard&Poor's also assigned its 'BBB' standard long-term rating to the district's $4.7 million series 2008 unlimited tax general obligation (GO) bonds. The ratings also reflect the district's: Stable good financial position, Moderate tax rate, and Access to the Houston metropolitan statistical area (MSA) employment centers. The primary offsetting factor is the still elevated debt burden, although at levels typical for some newly developing municipal utility districts. The 1,928-acre Newport Municipal Utility District is 23 miles northeast of Houston, Texas
