S&P Global Ratings assigned its 'AAA' long-term rating to Tarrant Regional Water District (TRWD), Texas', approximately $50 million series 2024 unlimited-tax bonds. At the same time, we affirmed our 'A-1+' short-term rating on the district's extendable commercial program. The outlook is stable. The bonds are secured by an unlimited ad valorem property tax pledge on all taxable property within the district. Bond proceeds will go toward funding the Central City Flood Control Project (the project). As TRWD operates as a flood-control district, we rate the bonds based on our "U.S. Municipal Water, Sewer, and Solid Waste Utilities: Methodology and Assumptions" criteria, published April 14, 2022. The general creditworthiness of TRWD's flood-control system is supported by a large-and-growing taxing base.. We
