The 'AA-' rating on Williamson County, Texas' unlimited-tax road bonds and limited-tax GO bonds and notes is based on the county's full faith and credit pledge. The rating reflects the county's: Sustained economic diversification and expansion, and Ability to successfully manage rapid population and tax base growth while maintaining a sound financial position and a manageable capital program. Additional rating factors reflect the county's: Inclusion in the vibrant and rapidly expanding Austin MSA economy; Sound management of growth, to date; and Consistently strong financial management and performance. Offsetting rating factors include the county's: High and increasing overall net debt levels, and Significant future infrastructure needs to meet ongoing growth pressures. Williamson County has experienced rapid population and tax base growth
