The rating on Trinity River Authority (TRA), Texas' bonds reflects credit strengths of the member cities, and low treatment rates. Wastewater from all or portions of 19 cities, and the Dallas-Fort Worth Airport, is collected and treated within the Central Regional Wastewater System (CRWS). The participants are unconditionally obligated to make monthly payments to the authority, which covers the debt service and operating expenses, based on their annual pro rata share of contributing flow to the treatment plant. Each municipality's payment is an operating expense of its water and sewer system with 50-year contracts expiring between 2023-2040. Debt service obligations are joint and several with unlimited step-ups. The six leading participants—Irving (rated 'AA,' stable outlook, 25%), Arlington (rated 'AA-,' stable
