S&P Global Ratings assigned its 'AA+' rating to the Trinity River Authority (TRA), Texas' approximately $100 million series 2024 revenue bonds, issued for the Denton Creek system. At the same time, S&P Global Ratings affirmed its 'AA+' long-term ratings and underlying rating (SPUR) on TRA's existing revenue bonds and its 'A-1+' rating on the authority's series A extendible commercial paper (CP) program, also issued for the Denton Creek system. The outlook, where applicable, is stable. A first-lien net revenue pledge, derived from contract participants' payments to the authority, secures the authority's existing revenue bonds. We continue to view the bond provisions as credit neutral. Contracts between the authority and participating municipalities require unconditional payments to the authority. The payments, which
