S&P Global Ratings assigned its 'AA+' long-term rating to Trinity River Authority (TRA), Texas' approximately $68 million series 2025 improvement revenue bonds, issued for the Tarrant County Water Project. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the authority's debt outstanding, which was also issued for the Tarrant County Water Project. The outlook is stable. A first-lien net revenue pledge, derived from payments by the participant cities to the TRA, secures the series 2025 bonds. The five participant cities treat their obligations to the TRA as operating expenses of their water systems. The TRA bases payments on the participants' proportional water consumption compared with total water consumption. The contracts require the cities to pledge an unconditional
