Standard&Poor's Ratings Services assigned its 'AA' rating, and stable outlook, to Trinity River Authority (TRA), Texas' series 2005 central regional wastewater system revenue bonds based on the general creditworthiness and financial stability of the member cities, as well as their strong service area economies and utility systems. The water and sewer systems of these participant cities collectively exhibit: Water and sewer systems with margins that are able to generate sound coverage of all on-balance-sheet and off-balance-sheet obligations, including those obligations to TRA; Strong liquidity; and Moderate retail rates for service, coupled with a demonstrated willingness to adjust rates, as necessary. TRA's capital plan requiring significant expenditures by the authority to address system rehabilitation and upgrades over the next
