The 'A' rating on Trinity River Authority (TRA), Texas' improvement and refunding revenue bonds, issued for the Tarrant County water project, reflects the underlying credit quality of the water and sewer systems of the participating Texas cities: Bedford, Euless, Colleyville, Grapevine, and North Richland Hills. These systems exhibit the following credit characteristics: Stable, predominantly residential service areas with manageable rates of growth; Moderate water and sewer rates; Rate flexibility; and Adequate debt service coverage (DSC). A first lien on net revenues provided by contractual payments from the five member cities that make up operating and maintenance charges of the participating cities' water and sewer funds secures the bonds. Payments are based on the participants' proportional water consumption. The contracts require
