Standard&Poor's Ratings Services affirmed its 'AA' Standard&Poor's underlying rating (SPUR), and stable outlook, on Trinity River Authority, Texas' Denton Creek regional wastewater treatment system revenue improvement and refunding bonds based on member cities' general creditworthiness and financial stability, as well as their strong service area economies and utility system operations. These cities' water and sewer systems collectively exhibit: A revenue stream that provides adequate debt service coverage (DSC), Low treatment rates, and Sufficient treatment capacity. A first-lien pledge on net revenues derived from contract participants' payments to the authority secures the bonds. Payments are based on the participants' sewer flows as a percent of total flows to the plant. Contracts require unconditional debt service payment regardless
