Standard & Poor's Ratings Services raised its long-term rating to BBB-plus from BBB on Harris County Water Control & Improvement District (WCID) No. 84, Texas' general obligation debt.
The outlook is stable.
"The upgrade reflects our view that continued property tax base growth has resulted in a material reduction in the district's overall debt burden," said Standard & Poor's credit analyst Oscar Padilla. In addition, the district's direct tax rate has declined to a moderate level from high.
The bonds are secured by an unlimited ad valorem tax levied on all taxable property within the district. The 1,051-acre Harris County WCID No. 84 is about 15 miles northeast of downtown Houston.
