...S&P Global Ratings assigned its '###' rating to Tarrant Regional Water District (TRWD), Texas' anticipated $47.6 million series 2022 water revenue bonds. At the same time, we affirmed our '###' long-term rating on the district's outstanding long-term revenue bonds. Finally, we affirmed 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 our '###' long-term debt rating on TRWD. The outlook, where applicable, is stable. We also separately maintain a '###/Stable' rating on debt that is issued by TRWD but backed solely by the city of Dallas that we have not incorporated into this analysis. The system has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all the entity's revenue. This, coupled with operating expense flexibility, limits the system's...
