The outlook revision to stable from positive on Williamson County, Texas' outstanding debt reflects the county's increasing debt burden and sizable planned debt issuance to meet growth-driven capital needs. The rating on the county's new bond issuances is based on its full faith and credit pledge, reflecting: Inclusion in the vibrant and rapidly expanding Austin MSA economy, Sustained economic diversification and expansion, and Demonstrated ability to successfully manage rapid population and tax base growth while maintaining a sound financial position. Mitigating credit factors include: High and increasing overall net debt levels, and Significant future capital needs to meet on-going growth pressures. Williamson County has experienced rapid population and tax base growth over the past five years due to its proximity
