Summary: Tarrant Regional Water District, Texas; CP; Water/Sewer

S&P Global Ratings assigned its AAA' rating to Tarrant Regional Water District (TRWD), Texas' series 2020 water revenue refunding bonds. At the same time we affirmed our 'AAA' long-term rating on the district's outstanding long-term revenue bonds; we also separately maintain a 'AAA' rating and stable outlook on debt issued by TRWD but backed solely by the city of Dallas that is not being incorporated into this analysis. The outlook is stable. We are also affirming our 'A-1+' rating on the district's series A commercial paper (CP) program. Because it is an extendible maturity CP program with no revolving credit agreement or other liquidity support, the ratings are based on the 'AAA' long-term debt rating on TRWD. The outlook on

...S&P Global Ratings assigned its ###' rating to Tarrant Regional Water District (TRWD), Texas' series 2020 water revenue refunding bonds. At the same time we affirmed our '###' long-term rating on the district's outstanding long-term revenue bonds; we also separately maintain a '###' rating and stable outlook on debt issued by TRWD but backed solely by the city of Dallas that is not being incorporated into this analysis. The outlook is stable. We are also affirming our 'A-1+' rating on the district's series A commercial paper (CP) program. Because it is an extendible maturity CP program with no revolving credit agreement or other liquidity support, the ratings are based on the '###' long-term debt rating on TRWD. The outlook on the long-term rating is stable. The long-term rating reflects our assessment of the general creditworthiness of a deep pool of mainly municipal customers who purchase raw water--in most cases on a full requirements basis--from TRWD. This principally includes contracts...

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