The Standard&Poor's underlying rating (SPUR) upgrade on North Texas Municipal Water District's bonds, issued for the Upper East Fork Interceptor System project, reflects the underlying credit quality of its member cities, specifically Plano, Texas. The upgrade on Plano's water and sewer system's bonds reflects a strong and wealthy customer base, coupled with very manageable capital needs. Plano, the largest contractual participant, provides more than 63% of the system's revenues. The other members are McKinney, Texas (12% of system revenues); Richardson, Texas (11%); Allen, Texas (11%); Frisco, Texas (2%); and Princeton, Texas (1%). All members have irrevocably pledged to pay all operating and debt service costs as operations and maintenance charges of their respective systems. Payment is on a
