S&P Global Ratings assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' approximately $409.2 million series 2025 contract revenue bonds, issued for the city of Dallas for the joint integrated pipeline (IPL) project. At the same time, we affirmed our 'AAA' underlying rating on the district's existing IPL-related contract revenue debt, also issued for Dallas. Lastly, we affirmed our 'AAA' long-term and underlying ratings on Dallas Water Utilities (DWU) waterworks and sanitary sewer bonds. The outlook is stable. The bonds are secured by a first-lien pledge on the revenues derived from payments to TRWD from DWU, which are treated as unconditional operating expenses by DWU, and treated as senior to any of the city's own debt. As the
