Parkside at Mayfield Ranch MUD, Texas, Upgraded to Baa2 by Moody's

Moody's Investors Service has assigned a Baa2 rating to Parkside at Mayfield Ranch Municipal Utility District, Texas's $4.45 million unlimited tax bonds, Series 2013A, and upgraded to Baa2 from Baa3 the underlying rating on the district's $7.4 million in outstanding parity debt.

Proceeds from the sale will be used to pay for the district's water, wastewater, and drainage facilities in various sections of the district.

The bonds are payable from a continuing, direct annual ad valorem tax, unlimited as to rate or amount, levied against all taxable property with the district.

The Baa2 rating reflects the district's modestly sized tax base experiencing growth, satisfactory financial position, and an elevated debt burden with sluggish payout.

 

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