Bangkok--15 Mar--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'BBB+' long-term rating to Northampton Municipal Utility District (MUD), Texas' series 2010 unlimited-tax bonds. Standard & Poor's also assigned its 'BBB+' underlying rating (SPUR) to the district's outstanding general obligation bonds. The outlook on all ratings is stable.
"The ratings reflect our opinion of the district's adequate financial position and high overall net debt burden, as well as its access to the deep and diverse economy of the Houston MSA and good income levels," said Standard & Poor's credit analyst Lauren Spalten.
Bond proceeds will be used to pay for the construction and engineering costs of wastewater line rehabilitation within the district.
Northampton MUD encompasses 1,429 acres in northwest Harris County, about 30 miles north of downtown Houston and 5 miles west of the City of Spring.
RELATED RESEARCH
USPF Criteria: Methodology And Assumptions: Rating Unlimited Property Tax Basic Infrastructure Districts, March 17, 2009
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Lauren Spalten, Dallas (1) 214-871-1421
Theodore Chapman, Dallas (1) 214-871-1401
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_
[email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]