Standard&Poor's Ratings Services assigned its 'A-' long-term rating to Newport Municipal Utility District (MUD), Texas' series 2010 unlimited-tax and revenue refunding bonds. Standard&Poor's also affirmed its 'A-' underlying rating (SPUR) on the district's general obligation debt. The outlook is stable. The ratings reflect our view of the district's: Good wealth and income levels, coupled with access to the deep and diverse economy of the Houston MSA; Low property tax rates; and Mature stage of development, limiting future capital needs. In our view, the district's moderately high debt burden, coupled with a slight decline in financial position, offsets these strengths, in part. An unlimited ad valorem tax on all taxable property within the district secures the bonds,
