S&P Global Ratings assigned its 'A+' rating to Upper Trinity Regional Water District (UTRWD), Texas' series 2025 regional treated water supply system revenue refunding bonds, with a preliminary par amount of $73.6 million. At the same time, we affirmed our 'A+' rating on the district's previously issued regional water supply system bonds. The outlook is stable. The district's bonds are secured by a first-lien pledge on the net revenues derived from treated water sales to its members and customers; those members and customers treat their obligations to UTRWD as an operating expense of their respective retail water systems. Each entity has a contract that requires a demand charge for its subscribed water amount, regardless of actual usage. Members also pay
