S&P Global Ratings assigned its'A-1+'short-term rating to Tarrant Regional Water District (TRWD), Texas'anticipated $800 million series A tax-exempt and taxable extendable commercial paper program (ECP). At the same time, we affirmed our'AAA'long-term rating on the district's previously issued long-term revenue bonds. The outlook, where applicable, is stable. A subordinate lien on system net revenue secures the commercial paper (CP) program expansion to $800 million (previously $400 million). Because the CP program has an extendible maturity, with no revolving credit agreement or other liquidity support, the rating is based on our'AAA'long-term rating on TRWD. The notes might be issued as tax-exempt or taxable at management's discretion, depending on the nature of the project being
