Standard & Poor's Ratings Services said it raised its long-term rating on West Park Municipal Utility District, Texas' general obligation debt to BBB-plus from BBB.
The outlook is stable.
"The upgrade is based on an increase in the property tax base which has assisted in significantly moderating the debt burden," said Standard & Poor's credit analyst Alexander Laufer, "coupled with the district's sustained very strong financial position."
"The rating reflects our view of the district's significant revenue-raising flexibility as a result of low direct and total property tax rates," he added.
Other factors include its: access to Houston's deep and diverse economy; and very strong financial position.
The preceding strengths are somewhat constrained by the district's: high overall net debt; concentrated tax base centered on commercial development; and growing status of development warranting future capital needs.
