Fitch U.S. Muni Surveillance: Flower Mound, Texas GOs Affirmed at 'AA-'

NEW YORK--(Business Wire)--
In the course of routine surveillance, Fitch Ratings has affirmed
the 'AA-' rating on approximately $395,000 in outstanding general
obligation (GO) bonds issued by Flower Mound, TX. The Rating Outlook
is Stable.

The 'AA-' rating reflects Flower Mound's sound financial position
and its ability to manage growing capital needs during a period of
rapid growth and economic expansion. Credit concerns include
relatively high debt levels and overall limited economy. The Stable
Rating Outlook reflects Fitch's expectations that Flower Mound's
proximity to Dallas/Fort Worth will help it maintain solid population
and assessed valuation growth. Plans for future debt issuance are
limited primarily due to the recent adoption of a sales tax dedicated
for capital.

Fitch issued an exposure draft on July 31 proposing a
recalibration of tax-supported and water/sewer revenue bond ratings
which, if adopted, may result in an upward revision of this rating
(see Fitch research 'Exposure Draft: Reassessment of the Municipal
Ratings Framework'.)

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings, New York
Caitlin Duffy, 212-908-0557
Eric Kim, 212-908-0527
Cindy Stoller, 212-908-0526 (Media Relations)

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