Research Update: Tarrant Regional Water District, TX $333.9 Million Series 2026 Revenue Refunding And Improvement Bonds Rated 'AAA'

S&P Global Ratings assigned its 'AAA' long-term rating to Tarrant Regional Water District (TRWD), Texas' anticipated $333.9 million series 2026 water revenue refunding and improvement bonds. At the same time, we affirmed our 'AAA' long-term rating on the district's previously issued long-term revenue bonds. Finally, we affirmed our 'A-1+' short-term rating on the district's series A commercial paper (CP) program. The outlook, where applicable, is stable. A first lien on net revenue of the system secures the series 2026 water revenue bonds. Bond proceeds will fund portions of management's capital program and refund the district's taxable bond series 2015, 2016, and 2016A. District revenue is derived from raw-water sales to contractual customers. The customers have full-requirements contracts with TRWD that

...Ratings List New Issue Ratings US$333,850,000 Tarrant Regional Water District, A Water Control and Improvement District, Texas, Water Revenue Refunding and Improvement Bonds, Series 2026, dated: March 15, 2026, due: March 1, 2056 Long Term Rating ###/Stable Ratings Affirmed Water & Sewer Tarrant Regl Wtr Dist, TX Raw Wtr Supply Water System O&M Lien ###/Stable Tarrant Regl Wtr Dist, TX Raw Wtr Supply Water System O&M Lien A-1+ The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have...

Research Update