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U.S. Local Governments Credit Brief: Texas Municipal Utility Districts Means And Medians

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..

What We're Watching In 2023 And Beyond

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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

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Chart 2

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Chart 3

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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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