...S&P Global Ratings assigned its '###' rating to the Trinity River Authority (TRA), Texas' approximately $66 million Mountain Creek regional wastewater system's 2022 revenue bonds. We have also affirmed our '###' rating on the system's parity debt. The outlook is stable. Bond proceeds will be used to fund capital improvements, including expanding the treatment plant. A first-lien pledge on net revenues derived from payments by contract participants to the authority secures the bonds. A debt service reserve fund in the amount of the average annual debt service requirement provides additional liquidity. The rating reflects the credit quality of the system's customer cities, specifically Grand Prairie, which we view as the strong link among the participants in the TRA system despite being the smallest. Payments are based on the participants' sewer flows as a percentage of total flows to the plant, although Grand Prairie also has a contractual minimum annual obligation. The contracts require...
