...S&P Global Ratings assigned its '###' long-term rating to the Trinity River Authority (TRA), Texas' series 2020 revenue refunding bonds, issued for the Central Regional Wastewater System (CRWS). At the same time, we affirmed our '###' rating on TRA's CRWS revenue bonds outstanding, as well as our 'A-1+' rating on the authority's series A extendible commercial paper (CP) program. Because TRA has an extendible maturity CP program with no revolving credit agreement or other liquidity support, the rating is based on the '###' long-term rating. The outlook, where applicable, is stable. We have applied our primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating [ICR]) and have applied this rating to the senior-lien issues. 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 revenue. This, coupled with operating expense flexibility,...
