S&P Global Ratings assigned its 'AAA' rating to Trinity River Authority, Texas' series 2016 revenue refunding bonds, issued for its Central Regional Wastewater System (CRWS). We are also affirming our 'AAA' rating on TRA's outstanding CRWS revenue bonds, as well as our 'A-1+' rating on TRA's series A $350 million extendible commercial paper (CP) program. Because it is an extendible maturity commercial paper program with no revolving credit agreement or other liquidity support, the rating is based on the 'AAA' long-term rating. We have applied the primary criteria to determine the entity's general creditworthiness (ICR) and have applied this rating to the senior-lien issues. The outlook on the long-term rating is stable. The long-term rating reflects our assessment of the
