Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Tarrant Regional Water District (TRWD), Texas' series 2015 water revenue refunding bonds and affirmed its 'AAA' rating, with a stable outlook, on the district's existing water revenue debt. The rating on the series 2015 bonds reflects our assessment of the strength and general creditworthiness of the district's principal wholesale customers: Fort Worth, Arlington, Trinity River Authority (TRA), and Mansfield. Therefore, a change in the credit quality of any of these principal wholesale customers could have an effect on the credit rating on the district. The rating also reflects our opinion of the district's: Very diverse wholesale service area economy, allowing for the distribution of capital investment costs
