Standard&Poor's Ratings Services assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' series 2016A water revenue refunding bonds and affirmed its 'AAA' rating on the district's existing water revenue debt. The outlook is stable. The rating reflects our opinion of the district's: Very diverse wholesale service area economy, allowing for the distribution of capital investment costs across a deep customer base; Strong contractual agreements with its principal customers, who treat their take-or-pay monthly payment obligations to the district as an unconditional operating expense; and Competitive wholesale water rates after including the planned rate increases needed to fund the sizable $360 million of debt needs through 2020. The rating also reflects our assessment of the strength and
