Standard&Poor's Ratings Services affirmed its 'A' Standard&Poor's underlying rating (SPUR), and stable outlook, on Trinity River Authority, Texas' revenue refunding debt, issued for Red Oak regional wastewater treatment system, based on the general creditworthiness and financial stability of the member cities, as well as their sound service area economies and utility system operations. The water and sewer systems of these cities collectively exhibit: Revenue streams that provide adequate debt service coverage, Low treatment rates, and Sufficient treatment capacity. A first-lien net revenue pledge derived from payments by contract participants 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 the unconditional
