The rating on Williamson County, Texas' certificates is based on the full faith and credit of the county and reflects sustained economic diversification and expansion and the county's ability to successful manage its rapid population and tax base growth while maintaining a sound financial position and manageable capital program. Other credit strengths include: Inclusion in the vibrant and rapidly expanding Austin MSA economy, Sound management of growth-to-date, and Consistently strong financial management and performance. Mitigating factors include: An increasing overall net debt burden, and Significant future capital needs to meet ongoing growth pressures. Williamson County has experienced rapid population and tax base growth over the past five years. Population has increased 23% since the mid-1990s; however, along with the rapid
