Overview
Continued stability in Texas municipal utility district (MUD) credit quality is expected despite recessionary pressures. The inherent strengths of traditional market value growth patterns, debt issuance oversight, and rapid population growth across the state will likely contribute to stability of Texas MUDs across the portfolio.
S&P Global Ratings maintains general obligation (GO) ratings on 371 districts in Texas. Currently, 53.0% of those ratings are in the 'A' category, 42.0% in the 'BBB' category, and 4.8% in the 'AA' category. Upgrades outpaced downgrades in 2022, with 15 upgrades to just one downgrade (as of Oct. 13, 2022), but we anticipate this will slow given our view of a baseline case of recession..
Credit Fundamentals
Potential Challenges
- Strong growth in property tax bases, as demonstrated by an increase in median assessed values (AVs) across all rating categories from 2021
- Strong financial performance, with the portfolio's average available fund balance at 188% of operating expenditures, which we view as very strong
- Ongoing infrastructure needs to support rapid residential developments, possibly further elevating debt burdens
- Waning housing demand that leads to unsold homes and potential valuation declines in newly completed housing developments
- Slowdown in build out of growing MUDs due to declining demand or continued supply chain delays
What We're Watching In 2023 And Beyond
We believe the state has elevated exposure to physical climate risks stemming from prolonged drought, wildfires, hurricanes, storm surge, and flooding. Although usually temporary, this exposure, if persistent, could negatively affect property taxes, tourism, and the current strong pace of development. While we believe the state has an elevated exposure to physical climate risk, we view the water control and drainage components, which help mitigate acute or chronic flooding, to be fundamental credit strengths. Despite the frequency of large storms, especially in the Houston area along the coast, the sector has not experienced widespread declines in market values or downgrades.
While we view social capital factors as neutral in our credit analysis, we recognize that Texas' comparatively strong population growth could be an offsetting factor to some recessionary pressures, as strong demand for housing continues and developments currently underway are completed. The Austin and Houston areas (where most rated MUDs are located) are seeing particularly strong population and AV growth.
State oversight enhances governance factors, which we view as neutral, as the state constitution requires that all debt secured by tax revenues be approved by district voters and the Texas Commission on Environmental Quality approves all debt issuances. Cyber-security threats remain a risk for all issuers.
For more information on Texas' ESG factors, see "ESG U.S. Public Finance Report Card: Texas Governments And Not-For-Profit Enterprises," published Sept. 23, 2021, on RatingsDirect.
Table 1
Texas Municipal Utility Districts--Medians | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Total market value ($) | Available fund balance (% of operating expenditures) | Debt service reserves (% of MADS | Direct tax rate (per $100 of AV) | Direct debt (% of MV) | Overall net debt (% of MV) | ||||||||
AA | 4,293,947 | 396.69 | 40.26 | 0.16 | 0.36 | 3.96 | ||||||||
AA- | 3,195,969 | 95.57 | 93.78 | 0.15 | 0.92 | 5.48 | ||||||||
A+ | 665,538 | 178.50 | 50.44 | 0.30 | 1.60 | 6.63 | ||||||||
A | 450,294 | 162.73 | 80.68 | 0.43 | 2.49 | 7.21 | ||||||||
A- | 400,025 | 141.77 | 85.77 | 0.53 | 3.50 | 8.73 | ||||||||
BBB+ | 398,095 | 193.96 | 116.08 | 0.68 | 5.12 | 10.52 | ||||||||
BBB | 421,811 | 192.30 | 100.88 | 0.82 | 7.30 | 13.96 | ||||||||
BBB- | 378,183 | 133.82 | 113.70 | 0.90 | 8.64 | 14.80 | ||||||||
MADS--Maximum annual debt service. AV--Assessed value. MV--Market value. |
Chart 1
Chart 2
Chart 3
Table 2
Texas MUDs--Ratings And Outlooks | ||
---|---|---|
As of Oct. 13, 2022. | ||
Entity | Rating | Outlook |
Addicks Util Dist | BBB+ | Stable |
Bacliff Mun Util Dist | A- | Stable |
Bammel Util Dist | A- | Stable |
Barker Cypress Mun Util Dist | A- | Stable |
Bauer Landing Water Control and Improvement District | BBB | Stable |
Bay Colony West Mun Util Dist | BBB- | Stable |
Big Oaks Mun Util Dist | A | Stable |
Bilma Pub Util Dist | A | Stable |
Bilma Pub Util Dist | A | Stable |
Bissonnet Mun Util Dist | A | Stable |
Bissonnet Mun Util Dist | A | Stable |
Brazoria Cnty Mun Util Dist #17 | A- | Stable |
Brazoria Cnty Mun Util Dist #18 | BBB+ | Stable |
Brazoria Cnty Mun Util Dist #19 | BBB+ | Stable |
Brazoria Cnty Mun Util Dist #21 | BBB | Stable |
Brazoria Cnty Mun Util Dist #23 | BBB+ | Stable |
Brazoria Cnty Mun Util Dist #25 | BBB+ | Stable |
Brazoria Cnty Mun Util Dist #28 | BBB | Stable |
Brazoria Cnty Mun Util Dist #31 | BBB- | Stable |
Brazoria Cnty Mun Util Dist #34 | BBB | Stable |
Brazoria Cnty Mun Util Dist #6 | A | Stable |
Brazoria-Fort Bend Cnty Mun Util Dist #1 | BBB | Stable |
Bridgestone Mun Util Dist | A | Stable |
Bridgestone Mun Util Dist | A | Stable |
Brushy Creek Mun Util Dist | AA- | Stable |
Burney Rd Mun Util Dist | A+ | Stable |
Caney Creek Mun Util Dist | A | Stable |
Castlewood Mun Util Dist | A- | Stable |
Castlewood Mun Util Dist | A- | Stable |
Chambers Cnty Mun Util Dist #1 | BBB+ | Stable |
Chelford City Mun Util Dist | A | Stable |
Chelford One Mun Util Dist | A | Stable |
Chimney Hill Mun Util Dist | A- | Stable |
Chimney Hill Mun Util Dist | A- | Stable |
Cibolo Canyons Special Imp Dist | BBB | Stable |
Cinco Mun Util Dist #1 | A+ | Stable |
Cinco Mun Util Dist #10 | A | Stable |
Cinco Mun Util Dist #3 | A | Stable |
Cinco Mun Util Dist #5 | A- | Stable |
Cinco Mun Util Dist #6 | A | Stable |
Cinco Mun Util Dist #8 | A- | Stable |
Cinco Mun Util Dist #9|Cinco Mun Util Dist #1|Cinco Mun Util Dist #2|Cinco Mun Util Dist #5|Cinco Mun Util Dist #3|Cinco Mun Util Dist #8|Cinco Mun Util Dist #7|Cinco Mun Util Dist #6|Cinco Mun Util Dist #10|Cinco Mun Util Dist #14|Cinco Municipal Utility District #12 | AA- | Stable |
Cinco Southwest Mun Util Dist #1|Cinco Southwest Mun Util Dist #2|Cinco Southwest Mun Util Dist #3|Cinco Southwest Mun Util Dist #4 | BBB+ | Stable |
Cinco Southwest Mun Util Dist #2 | BBB | Stable |
Cinco Southwest Mun Util Dist #4 | BBB | Stable |
Clay Rd Mun Util Dist | A- | Stable |
Clear Brook City Mun Util Dist | BBB+ | Stable |
Cornerstones Mun Util Dist | A+ | Stable |
Crosby Mun Util Dist | A | Stable |
Cypress Forest Pub Util Dist | A+ | Stable |
Cypress Hill Mun Util Dist #1 | BBB+ | Stable |
Cypresswood Util Dist | A | Stable |
Dallas Cnty Util & Reclamation Dist | A | Stable |
Denton Cnty Fresh Wtr Supp Dist #11-A | BBB+ | Stable |
Denton Cnty Fresh Wtr Supp Dist #7 | BBB- | Stable |
Denton Cnty Levee Imp Dist #1 | AA | Stable |
Denton Cnty Mun Util Dist #4 | BBB+ | Stable |
Denton Cnty Wtr Cont & Imp Dist Frisco West | BBB | Stable |
East Plantation Util Dist | BBB+ | Stable |
El Dorado Util Dist | A- | Stable |
Fallbrook Util Dist | A | Stable |
Far Hills Util Dist | BBB | Stable |
Far Hills Util Dist | BBB | Stable |
First Colony Mun Util Dist #10 | A | Stable |
First Colony Mun Util Dist #9 | A+ | Stable |
Fort Bend Cnty Levee Imp Dist 19 | BBB+ | Stable |
Fort Bend Cnty Levee Imp Dist No 11 | A+ | Stable |
Fort Bend Cnty Levee Imp Dist No 2 | AA- | Stable |
Fort Bend Cnty Levee Imp Dist No 7 | A+ | Stable |
Fort Bend Cnty Mun Util Dist #149 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #115 | A- | Stable |
Fort Bend Cnty Mun Util Dist #116 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #118 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #119 | A | Stable |
Fort Bend Cnty Mun Util Dist #121 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #122 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #123 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #124 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #129 | A- | Stable |
Fort Bend Cnty Mun Util Dist #130 | A- | Stable |
Fort Bend Cnty Mun Util Dist #133 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #134C | BBB | Stable |
Fort Bend Cnty Mun Util Dist #137 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #138 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #140 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #142 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #143 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #146 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #151 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #155 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #158 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #165 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #171 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #171|Fort Bend Cnty Mun Util Dist #169|Fort Bend Cnty Mun Util Dist #170|Fort Bend Cnty Mun Util Dist #172|Fort Bend Cnty Mun Util Dist #173 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #185 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #19 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #23 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #25 | A- | Stable |
Fort Bend Cnty Mun Util Dist #30 | A- | Stable |
Fort Bend Cnty Mun Util Dist #34 | A- | Stable |
Fort Bend Cnty Mun Util Dist #35 | A | Stable |
Fort Bend Cnty Mun Util Dist #42 | A+ | Stable |
Fort Bend Cnty Mun Util Dist #47 | BBB | Stable |
Fort Bend Cnty Mun Util Dist #50 | BBB- | Stable |
Fort Bend Cnty Mun Util Dist #57 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #58 | BBB+ | Stable |
Fort Bend Cnty Mun Util Dist #81 | A+ | Stable |
Fort Bend Cnty Mun Util Dist #94 | BBB+ | Stable |
Fort Bend Cnty Wtr Ctl & Imp Dist #2 | AA- | Stable |
Galveston Cnty Mun Util Dist #12 | A | Stable |
Galveston Cnty Mun Util Dist #14 | A- | Stable |
Galveston Cnty Mun Util Dist #39 | BBB+ | Stable |
Galveston Cnty Mun Util Dist #43 | BBB+ | Stable |
Galveston Cnty Mun Util Dist #44 | BBB- | Stable |
Galveston Cnty Mun Util Dist #46 | BBB | Stable |
Galveston Cnty Mun Util Dist #6 | A | Stable |
Galveston Cnty Wtr Cntl & Imp Dist #1 | A- | Stable |
Galveston Cnty Wtr Cntl & Imp Dist #12 | A | Stable |
Galveston Cnty Wtr Cntl & Imp Dist #8 | A- | Stable |
Grand Lakes Mun Util Dist #1 | A | Stable |
Grand Lakes Mun Util Dist #4 | A | Stable |
Grand Lakes Wtr Ctl & Imp Dist | A+ | Stable |
Grand Mission Mun Util Dist #1 | BBB+ | Stable |
Grand Mission Mun Util Dist #2 | BBB | Positive |
Grant Road Pub Util Dist | A- | Stable |
Greens Parkway Mun Util Dist | A+ | Stable |
Hardin Cnty Wtr Cntl & Imp Dist #1 | BBB- | Stable |
Harris Cnty Fresh Wtr Supp Dist #51 | A+ | Stable |
Harris Cnty Imp Dist #1 | AA- | Stable |
Harris Cnty Imp Dist #3 | AA | Stable |
Harris Cnty Mun Util Dist #104 | A | Stable |
Harris Cnty Mun Util Dist #105 | BBB | Stable |
Harris Cnty Mun Util Dist #106 | A- | Stable |
Harris Cnty Mun Util Dist #109 | A | Stable |
Harris Cnty Mun Util Dist #11 | BBB+ | Stable |
Harris Cnty Mun Util Dist #119 | A- | Stable |
Harris Cnty Mun Util Dist #120 | A | Stable |
Harris Cnty Mun Util Dist #122 | BBB+ | Stable |
Harris Cnty Mun Util Dist #127 | A- | Stable |
Harris Cnty Mun Util Dist #148 | BBB- | Stable |
Harris Cnty Mun Util Dist #149 | A- | Stable |
Harris Cnty Mun Util Dist #152 | A+ | Stable |
Harris Cnty Mun Util Dist #154 | A- | Stable |
Harris Cnty Mun Util Dist #155 | A- | Stable |
Harris Cnty Mun Util Dist #156 | BBB+ | Stable |
Harris Cnty Mun Util Dist #162 | A- | Stable |
Harris Cnty Mun Util Dist #165 | BBB | Stable |
Harris Cnty Mun Util Dist #166 | BBB+ | Stable |
Harris Cnty Mun Util Dist #167 | BBB+ | Stable |
Harris Cnty Mun Util Dist #168 | A | Stable |
Harris Cnty Mun Util Dist #172 | BBB+ | Stable |
Harris Cnty Mun Util Dist #173 | A- | Stable |
Harris Cnty Mun Util Dist #180 | BBB+ | Stable |
Harris Cnty Mun Util Dist #183 | A | Stable |
Harris Cnty Mun Util Dist #188 | A | Stable |
Harris Cnty Mun Util Dist #189 | A- | Stable |
Harris Cnty Mun Util Dist #196 | BBB+ | Stable |
Harris Cnty Mun Util Dist #200 | A | Stable |
Harris Cnty Mun Util Dist #208 | A | Stable |
Harris Cnty Mun Util Dist #216 | BBB+ | Stable |
Harris Cnty Mun Util Dist #217 | BBB | Stable |
Harris Cnty Mun Util Dist #220 | BBB | Stable |
Harris Cnty Mun Util Dist #221 | A | Stable |
Harris Cnty Mun Util Dist #230 | A | Stable |
Harris Cnty Mun Util Dist #238 | A | Stable |
Harris Cnty Mun Util Dist #239 | A- | Stable |
Harris Cnty Mun Util Dist #248 | A- | Stable |
Harris Cnty Mun Util Dist #249 | A- | Stable |
Harris Cnty Mun Util Dist #257 | A- | Stable |
Harris Cnty Mun Util Dist #26 | A | Stable |
Harris Cnty Mun Util Dist #276 | A- | Stable |
Harris Cnty Mun Util Dist #278 | BBB- | Stable |
Harris Cnty Mun Util Dist #280 | BBB+ | Stable |
Harris Cnty Mun Util Dist #281 | BBB+ | Stable |
Harris Cnty Mun Util Dist #282 | BBB+ | Stable |
Harris Cnty Mun Util Dist #284 | BBB+ | Stable |
Harris Cnty Mun Util Dist #285 | BBB+ | Stable |
Harris Cnty Mun Util Dist #290 | BBB+ | Stable |
Harris Cnty Mun Util Dist #304 | A- | Stable |
Harris Cnty Mun Util Dist #322 | A | Stable |
Harris Cnty Mun Util Dist #341 | A+ | Stable |
Harris Cnty Mun Util Dist #342 | A- | Stable |
Harris Cnty Mun Util Dist #344 | BBB+ | Stable |
Harris Cnty Mun Util Dist #354 | A- | Stable |
Harris Cnty Mun Util Dist #359 | A+ | Stable |
Harris Cnty Mun Util Dist #361 | BBB+ | Stable |
Harris Cnty Mun Util Dist #364 | A+ | Stable |
Harris Cnty Mun Util Dist #365 | A+ | Stable |
Harris Cnty Mun Util Dist #367 | A | Stable |
Harris Cnty Mun Util Dist #368 | BBB+ | Stable |
Harris Cnty Mun Util Dist #370 | A+ | Stable |
Harris Cnty Mun Util Dist #371 | BBB+ | Stable |
Harris Cnty Mun Util Dist #372 | A+ | Stable |
Harris Cnty Mun Util Dist #373 | A | Stable |
Harris Cnty Mun Util Dist #374 | BBB | Stable |
Harris Cnty Mun Util Dist #381 | BBB+ | Stable |
Harris Cnty Mun Util Dist #382 | BBB+ | Stable |
Harris Cnty Mun Util Dist #383 | BBB+ | Stable |
Harris Cnty Mun Util Dist #389 | BBB+ | Stable |
Harris Cnty Mun Util Dist #390 | BBB | Stable |
Harris Cnty Mun Util Dist #391 | BBB | Stable |
Harris Cnty Mun Util Dist #393 | BBB+ | Stable |
Harris Cnty Mun Util Dist #397 | BBB+ | Stable |
Harris Cnty Mun Util Dist #400 | BBB | Stable |
Harris Cnty Mun Util Dist #401 | BBB- | Stable |
Harris Cnty Mun Util Dist #410 | BBB+ | Stable |
Harris Cnty Mun Util Dist #412 | BBB+ | Stable |
Harris Cnty Mun Util Dist #419 | BBB- | Stable |
Harris Cnty Mun Util Dist #43 | A | Stable |
Harris Cnty Mun Util Dist #46 | A | Stable |
Harris Cnty Mun Util Dist #460 | BBB- | Stable |
Harris Cnty Mun Util Dist #468 | A- | Stable |
Harris Cnty Mun Util Dist #49 | BBB+ | Stable |
Harris Cnty Mun Util Dist #49 | BBB+ | Stable |
Harris Cnty Mun Util Dist #5 | BBB- | Stable |
Harris Cnty Mun Util Dist #53 | A | Stable |
Harris Cnty Mun Util Dist #64 | A- | Stable |
Harris Cnty Mun Util Dist #65 | A- | Stable |
Harris Cnty Mun Util Dist #70 | A- | Stable |
Harris Cnty Mun Util Dist #71 | A- | Stable |
Harris Cnty Mun Util Dist #81 | A+ | Stable |
Harris Cnty Mun Util Dist #82 | A- | Stable |
Harris Cnty Mun Util Dist #86 | BBB | Stable |
Harris Cnty Util Dist #15 | A- | Stable |
Harris Cnty Util Dist #16 | BBB+ | Stable |
Harris Cnty Wtr Cntl & Imp Dist #1 | A- | Stable |
Harris Cnty Wtr Cntl & Imp Dist #119 | A | Stable |
Harris Cnty Wtr Cntl & Imp Dist #136 | BBB+ | Stable |
Harris Cnty Wtr Cntl & Imp Dist #136 | BBB+ | Stable |
Harris Cnty Wtr Cntl & Imp Dist #96 | A | Stable |
Harris Cnty Wtr Ctl & Imp Dist #21 | A | Stable |
Harris Cnty Wtr Ctl & Imp Dist #89 | BBB+ | Stable |
Harris County Municipal Utility District No. 480 | BBB- | Stable |
Harris-Fort Bend Cntys Mun Util Dist #1 | A | Stable |
Harris-Fort Bend Cntys Mun Util Dist #3 | BBB+ | Stable |
Harris-Fort Bend Cntys Mun Util Dist #5 | A- | Stable |
Harris-Montgomery Cntys Mun Util Dist #386 | A- | Stable |
Hays Cnty Wtr Cntl & Imp Dist #1 | BBB+ | Stable |
Hays Cnty Wtr Cntl & Imp Dist #2 | BBB- | Stable |
Hays County Municipal Utility District #5 | BBB+ | Stable |
Headwaters Mun Util Dist of Hays Cnty | BBB- | Stable |
Hidalgo Cnty Drainage Dist #1 | AA- | Stable |
Horsepen Bayou Mun Util Dist | A | Stable |
Interstate Mun Util Dist | A | Stable |
Inverness Forest Impt Dist | BBB+ | Stable |
Inverness Forest Impt Dist | BBB+ | Stable |
Kaufman Cnty Fresh Wtr Supply Dist #1-C | BBB | Stable |
Kaufman Cnty Mun Util Dist #11 | BBB | Stable |
Kirkmont Muni Util Dist | BBB | Stable |
Lake Mun Util Dist | A- | Stable |
Lakeside Wtr Cntl & Imp Dist #1 | A- | Stable |
Lakeway Mun Util Dist | AA- | Stable |
Langham Creek Util Dist | A | Stable |
Longhorn Twn Util Dist | A | Stable |
Louetta North Pub Util Dist | A | Stable |
Lumberton Mun Util Dist | AA- | Stable |
Malcomson Rd Util Dist | A+ | Stable |
Mason Creek Util Dist | A+ | Stable |
Mayde Creek Mun Util Dist | A | Stable |
Memorial Hills Util Dist | BBB+ | Stable |
Memorial Mun Util Dist | A+ | Stable |
Menard Cnty Wtr Control & Imp Dist | A- | Stable |
Mission Bend Mun Util Dist #1 | A+ | Stable |
Montgomery Cnty Mun Util Dist #107 | BBB | Stable |
Montgomery Cnty Mun Util Dist #15 | BBB | Stable |
Montgomery Cnty Mun Util Dist #18 | A+ | Stable |
Montgomery Cnty Mun Util Dist #39 | A+ | Stable |
Montgomery Cnty Mun Util Dist #46 | AA- | Stable |
Montgomery Cnty Mun Util Dist #46|Montgomery Cnty Mun Util Dist #6|Montgomery Cnty Mun Util Dist #47|Montgomery Cnty Mun Util Dist #60|Woodlands Metro Ctr Mun Util Dist|Montgomery Cnty Mun Util Dist #67|Montgomery Cnty Mun Util Dist #39 | A+ | Stable |
Montgomery Cnty Mun Util Dist #47 | AA- | Stable |
Montgomery Cnty Mun Util Dist #6|Montgomery Cnty Mun Util Dist #47|Montgomery Cnty Mun Util Dist #60|Woodlands Metro Ctr Mun Util Dist|Montgomery Cnty Mun Util Dist #67 | A+ | Stable |
Montgomery Cnty Mun Util Dist #60 | AA- | Stable |
Montgomery Cnty Mun Util Dist #8 | A+ | Stable |
Montgomery Cnty Mun Util Dist #83 | BBB- | Stable |
Montgomery Cnty Mun Util Dist #84 | BBB- | Stable |
Montgomery Cnty Mun Util Dist #89 | BBB+ | Stable |
Montgomery Cnty Mun Util Dist #9 | A+ | Stable |
Montgomery Cnty Mun Util Dist #94 | A- | Stable |
Montgomery Cnty Util Dist #2 | A- | Stable |
Montgomery Cnty Util Dist #3 | A | Stable |
Montgomery Cnty Util Dist #4 | A+ | Stable |
Montgomery County Municipal Utility District No. 92 | BBB | Stable |
Mount Houston Road Mun Util Dist | BBB | Stable |
Newport Mun Util Dist | A | Stable |
Newport Mun Util Dist | A | Stable |
North Mission Glen Mun Util Dist | A | Stable |
North Park Pub Util Dist | A | Stable |
Northampton Mun Util Dist | A- | Stable |
Northgate Crossing Mun Util Dist #2 | BBB | Stable |
Northgate Crossing Road Util Dist | BBB | Stable |
NorthPointe Wtr Cntl & Imp Dist | A | Stable |
Northtown Mun Util Dist | A | Stable |
Northwest Dallas Cnty Flood Cntl Dist | A+ | Stable |
Northwest Freeway Mun Util Dist | BBB+ | Stable |
Northwest Harris Cnty Mun Util Dist #10 | BBB+ | Stable |
Northwest Harris Cnty Mun Util Dist #12 | BBB | Stable |
Northwest Harris Cnty Mun Util Dist #15 | A- | Stable |
Northwest Harris Cnty Mun Util Dist #16 | BBB | Stable |
Northwest Harris Cnty Mun Util Dist #19 | BBB+ | Stable |
Northwest Harris Cnty Mun Util Dist #23 | A- | Stable |
Northwest Harris Cnty Mun Util Dist #30 | A- | Stable |
Northwest Harris Cnty Mun Util Dist #36 | BBB+ | Stable |
Northwest Harris Cnty Mun Util Dist #5 | A- | Stable |
Northwest Harris Cnty Mun Util Dist #6 | A | Stable |
Northwest Harris Cnty Mun Util Dist #9 | A+ | Stable |
Northwest Pk Mun Util Dist | A+ | Stable |
Oakmont Pub Util Dist | BBB+ | Stable |
Orange Cnty Wtr Ctl & Imp Dist #1 | A- | Stable |
Palmer Plantation Mun Util Dist #2 | A | Stable |
Parkway Util Dist | BBB | Stable |
Paseo Del Este Mun Util Dist #10 of El Paso Cnty | A- | Stable |
Paseo Del Este Municipal Utility District No. 3 | BBB+ | Stable |
Pearson Place Rd and Imp Dist | A | Stable |
Pecan Grove Mun Util Dist | A- | Stable |
Point Aquarius Mun Util Dist | A- | Stable |
Post Wood Mun Util Dist | A- | Stable |
Post Wood Mun Util Dist | A- | Stable |
Rayford Rd Mun Util Dist | A | Stable |
Reid Road Mun Util Dist #1 | A | Stable |
Reid Road Mun Util Dist #2 | A | Stable |
Remington Mun Util Dist #1 | A | Stable |
Renn Rd Mun Util Dist | A | Stable |
Ricewood Mun Util Dist | A | Stable |
Richey Rd Mun Util Dist | A- | Stable |
Rockwall Cnty Cons Mun Util Dist #1 | A- | Stable |
Rolling Creek Util Dist | BBB+ | Stable |
Sagemeadow Util Dist | A- | Stable |
San Jacinto River Auth | A+ | Stable |
Senna Hills Mun Util Dist | A | Stable |
Shasla Pub Util Dist | BBB+ | Stable |
Sienna Mun Util Dist No. 10 | BBB | Stable |
Sienna Mun Util Dist No. 2 | A- | Stable |
Sonterra Municipal Utility District | BBB- | Stable |
South Buda Wtr Cntl and Imp Dist #1 | BBB | Stable |
South Shore Harbour Mun Util Dist #7 | BBB+ | Stable |
Spencer Road Public Utility District | A+ | Stable |
Spring Creek Util Dist | BBB+ | Stable |
Spring Meadows Mun Util Dist | BBB+ | Stable |
Spring West Mun Util Dist | BBB+ | Stable |
Stanley Lake Mun Util Dist | A | Stable |
Tattor Rd Mun Dist | A- | Stable |
Timberlake Imp Dist | BBB+ | Stable |
Trail of the Lakes Mun Util Dist | A- | Stable |
Travis Cnty Mun Util Dist #11 | A | Stable |
Travis Cnty Mun Util Dist #15 | BBB+ | Stable |
Travis Cnty Wtr Cntl and Imp Dist No 17 | A+ | Stable |
Travis Cnty Wtr Ctl & Imp Dist #10 | AA | Stable |
Travis Cnty Wtr Ctl & Imp Dist #17-Flintrock Ranch | A | Stable |
Trophy Club Mun Util Dist #1 | AA- | Stable |
Upper Brushy Creek Water Control and Improvement District | AA | Stable |
Valley Mun Util Dist #2 | A- | Stable |
Velasco Dr Dist | AA- | Stable |
West Harris Cnty Mun Util Dist #11 | A | Stable |
West Harris Cnty Mun Util Dist #2 | A | Stable |
West Harris Cnty Mun Util Dist #2 | A | Stable |
West Harris Cnty Mun Util Dist #4 | BBB+ | Stable |
West Harris Cnty Mun Util Dist #7 | BBB+ | Stable |
West Harris Cnty Mun Util Dist #9 | A- | Stable |
West Pk Mun Util Dist | A- | Stable |
West Travis Cnty Mun Util Dist #5 | A+ | Stable |
West Travis Cnty Mun Util Dist #6 | A+ | Stable |
Weston Mun Util Dist | A | Stable |
Williamson Cnty Mun Util Dist #10 | A | Stable |
Williamson Cnty Mun Util Dist #11 | A | Stable |
Williamson Cnty Mun Util Dist #13 | BBB | Stable |
Willow Creek Farms Mun Util Dist | BBB- | Stable |
Willow Fork Drainage Dist | A+ | Stable |
Windfern Forest Util Dist | A- | Negative |
Woodcreek Mun Util Dist | A- | Stable |
Woodlands Metro Ctr Mun Util Dist | AA- | Stable |
Woodlands Rd Util Dist #1 | A+ | Stable |
This report does not constitute a rating action.
Primary Credit Analyst: | Jackie Dove, Centennial + 3037214317; jackie.dove@spglobal.com |
Secondary Contact: | Joshua Travis, Dallas + 1 (972) 367 3340; joshua.travis@spglobal.com |
Research Assistant: | Shripal Nahar, Pune |
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