Summary: Trinity River Authority, Texas Denton Creek Wastewater System; Water/Sewer

S&P Global Ratings assigned its 'AA+' long-term rating to Trinity River Authority (TRA), Texas' $56.9 million series 2022 revenue improvement and refunding bonds, issued for the Denton Creek Wastewater 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, also issued for the Denton Creek system. The outlook is stable. Bond proceeds will be used to refund the system's series 2011A bonds and fund capital improvements and extensions to the system. A first-lien net revenue pledge derived from contract participants' payments to the authority secures the bonds. The bond provisions include a debt service reserve fund in the amount of average annual debt service. We view the bond

...S&P Global Ratings assigned its '##+' long-term rating to Trinity River Authority (TRA), Texas' $56.9 million series 2022 revenue improvement and refunding bonds, issued for the Denton Creek Wastewater System. At the same time, S&P Global Ratings affirmed its '##+' long-term ratings and underlying rating (SPUR) on TRA's existing revenue bonds, also issued for the Denton Creek system. The outlook is stable. Bond proceeds will be used to refund the system's series 2011A bonds and fund capital improvements and extensions to the system. A first-lien net revenue pledge derived from contract participants' payments to the authority secures the bonds. The bond provisions include a debt service reserve fund in the amount of average annual debt service. We view the bond provisions as credit neutral....

Summary