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

S&P Global Ratings assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' taxable series 2020B and tax-exempt series 2020C 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 our 'AAA' rating and stable outlook on debt issued by TRWD but backed solely by the city of Dallas that we have not incorporated into this analysis. The outlook is stable. In addition, 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 'AAA' long-term debt rating

...S&P Global Ratings assigned its '###' rating to Tarrant Regional Water District (TRWD), Texas' taxable series 2020B and tax-exempt series 2020C 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 our '###' rating and stable outlook on debt issued by TRWD but backed solely by the city of Dallas that we have not incorporated into this analysis. The outlook is stable. In addition, 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 on the long-term rating is stable. The system has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all of the entity's revenue. This,...

Summary