Standard&Poor's Ratings Services assigned its 'A' rating, and stable outlook, to Trinity River Authority, Texas' series 2005 improvement and refunding revenue bonds based on the underlying credit quality of the utility systems of the cities of the Tarrant County Water Project: Bedford, Texas; Euless, Texas; Grapevine, Texas; Colleyville, Texas; and North Richland Hills, Texas. These retail systems collectively exhibit the following credit characteristics: Predominantly residential service areas with little to no dependency on principal customers for revenues; Above-average wealth and income indicators, boosted by participation in the Dallas-Fort Worth MSA; and Adequate financial positions, including sound liquidity and fixed-charge coverages -- the ability to cover all on- and off-balance-sheet obligations, including those to the authority. The project's additional
