S&P Global Ratings assigned its 'A+' long-term rating to the Trinity River Authority (TRA), Texas' series 2023 contract revenue refunding bonds issued for the city of Livingston and its regional water supply system project. We also affirmed our 'A+' underlying rating on the system's existing debt. The outlook is stable. The series 2023 bonds will refund the system's series 2013 bonds. The bonds are secured by revenue derived from payments from the city's waterworks and sanitary sewer system, payable to the authority as an operating expense senior to any of Livingston's water or sewer revenue-secured direct debt. We view bond provisions as credit neutral. As of Sept. 30, 2022, the system had $16.4 million outstanding, while the city had no
