Summary: Trinity River Authority, Texas; CP; Water/Sewer

S&P Global Ratings assigned its 'AAA' rating to Trinity River Authority, Texas' series 2017 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 the authority's series A $350 million extendible commercial paper (CP) program. Because it is an extendible maturity CP 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 wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating) and have applied this rating to the senior-lien issues. The outlook on the long-term rating is stable. The CRWS system has a

...S&P Global Ratings assigned its '###' rating to Trinity River Authority, Texas' series 2017 revenue refunding bonds, issued for its Central Regional Wastewater System (CRWS). We are also affirming our '###' rating on TRA's outstanding CRWS revenue bonds, as well as our 'A-1+' rating on the authority's series A $350 million extendible commercial paper (CP) program. Because it is an extendible maturity CP program with no revolving credit agreement or other liquidity support, the rating is based on the '###' long-term rating. We have applied the primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating) and have applied this rating to the senior-lien issues. The outlook on the long-term rating is stable. The CRWS system has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all of the system's revenues. This, coupled with operating expense flexibility, limits...

Summary