Standard & Poor's Ratings Services said it raised its rating on Harris County Municipal Utility District (MUD) No. 400, Texas' general obligation debt to BBB from BBB-minus.
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At the same time, Standard & Poor's assigned its BBB rating to the MUD's series 2015 unlimited tax refunding bonds. The outlook is stable.
"The upgrade is based on the district's recent rapid tax base growth, which we expect will continue," said Standard & Poor's credit analyst Alexander Rawlings. The growth has moderated the debt burden and allowed the tax rate to decline.
