S&P Global Ratings assigned its 'A' long-term rating to the Trinity River Authority (TRA), Texas' Denton Creek Justin-Northlake Interceptor System's $15.8 million series 2025 revenue and refunding bonds. At the same time, we affirmed our 'A' long-term rating to the authority's existing long-term debt obligations. The outlook is stable. A first lien on the authority's gross revenue derived from a long-term agreement executed with the City of Justin and Town of Northlake, Texas, secures the bonds. The agreement requires the cities to make unconditional payments from their combined water and sewer revenue to TRA to cover the debt service required to finance the interceptor project, and allows TRA to continue to own and maintain the system following the project's completion.
