The rating on Trinity River Authority, Texas' bonds, issued for Fort Worth, reflects the strong credit quality of Fort Worth's water and sewer system (rated 'AA'). The obligation of Fort Worth's water and sewer system is unconditional and is treated as an operating expense of the combined utility. The system's rating reflects: * A large and diverse retail and wholesale service area, * Competitive rates with moderate planned annual increases, * Strong financial performance, and * A sizable yet manageable capital plan that addresses the U.S. Environmental Protection Agency's (EPA) administrative order. The Fort Worth system serves 28 wholesale water customers and 25 wholesale wastewater customers, which lends depth and diversity to the already strong customer base. Wholesale customers represent
