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

S&P Global Ratings assigned its 'AAA' long-term rating to the Trinity River Authority (TRA), Texas' series 2021 revenue refunding bonds, issued for the Central Regional Wastewater System (CRWS). At the same time, we affirmed our 'AAA' 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 authority's long-term rating (AAA) and the system market access. The outlook, where applicable, is stable. We have applied our primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating or ICR) and have applied this rating

...S&P Global Ratings assigned its '###' long-term rating to the Trinity River Authority (TRA), Texas' series 2021 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 authority's long-term rating (###) and the system market access. The outlook, where applicable, is stable. We have applied our primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating or 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 the system's revenue....

Summary