The 'A+' rating on Trinity River Authority, Texas' contract revenue bonds, for the Livingston Water project, reflects the authority's: Adequate financial position and debt service coverage of Livingston as the participant; Rapid maturity of all parity debt; and Stable customer base, precluding the likelihood of additional debt-financed projects. Below-average wealth and income levels moderate these strengths. Revenues derived from payments by Livingston revenues from the city's waterworks and sanitary sewer system, payable as operating expenses senior to any of Livingston's revenue-secured direct debt, secure the bonds. Trinity River Authority is a state agency charged with conservation and watershed management for the river in an area spanning 17 counties and 18,000 square miles. The city of Livingston entered into a water
