S&P Global Ratings affirmed its 'A-1+' short-term rating on the Tarrant Regional Water District , Texas' (TRWD) series A taxable and tax-exempt extendable commercial paper (CP) revenue bonds. Because it is an extendible maturity CP program, with no revolving credit agreement or other liquidity support, the rating is based on our long-term debt rating on TRWD (AAA/Stable). Management has expanded the authorized program amount to $400 million from $150 million. The CP is secured by a subordinate-lien pledge on the system's net revenues. The notes might be issued as tax-exempt or taxable at management's discretion depending on the nature of the project being funded. Should CP be issued, we understand that the district intends to use senior-lien debt to convert
