S&P Global Ratings assigned its 'AAA' long-term rating to Tarrant Regional Water District (TRWD), Texas' approximately $48.2 million series 2025 unlimited-tax bonds. At the same time, we affirmed our 'AAA' rating on the district's existing bonds and our 'A-1+' short-term rating on the district's extendable commercial paper (CP) program. The outlook is stable, where applicable. The bonds are secured by an unlimited ad valorem property tax pledge on all taxable property within the district. Bond proceeds will fund the Central City Flood Control Project. As TRWD operates as a flood-control district, we rate the bonds based on our U.S. Municipal Water, Sewer, And Solid Waste Utilities: Methodology And Assumptions , April 14, 2022. The general creditworthiness of TRWD's flood-control system
