The 'AA-' rating on Trinity River Authority (TRA), Texas' central regional wastewater system (CRWS) improvement revenue bonds reflects: The credit strengths of the member cities, Good long-term capital planning, Low treatment rates, and Adequate treatment capacity. The large size of the capital plan and weak debt service coverage requirements in the legal provisions offset the rating. A first lien pledge of the net revenues of CRWS secures the bonds. Wastewater from all, or portions of, 20 cities and the Dallas-Fort Worth Airport is collected and treated at CRWS, which serves a population of about one million. TRA also has one of the largest wastewater reuse systems in Texas. The participants are unconditionally obligated to make monthly payments to the authority,
