S&P Global Ratings assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' anticipated $179.1 million series 2024 water revenue refunding and improvement bonds. At the same time, we affirmed our 'AAA' long-term rating on the district's existing long-term revenue bonds. We also 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 rating is based on our 'AAA' long-term debt rating on TRWD. The outlook, where applicable, is stable. Total parity debt outstanding as of March 1, 2024, is $976.2 million. A first-lien pledge on the net revenues of the district's system secures the series 2024 water
