Standard & Poor's Ratings Services said it raised its long-term rating to A from A-minus on Harris County Water Control & Improvement District (WCID) No. 96, Texas' general obligation debt.
Standard & Poor's also assigned its A long-term rating to the district's series 2015 unlimited-tax refunding bonds. The outlook on all ratings is stable.
"The upgrade reflects a continued moderation in the district's overall debt burden and sustained good financial position driven by assessed valuation growth which we anticipate will continue," said Standard & Poor's credit analyst Oscar Padilla.
Unlimited ad valorem taxes levied on taxable property in the district secure the bonds. Officials plan to use bond proceeds to refund a portion of outstanding bonds for debt service savings.
Harris County WCID No. 96, encompassing approximately 1,184 acres of land, is about 13 miles northeast of Houston's central business district and is in Houston's extraterritorial jurisdiction.
