Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to Trinity River Authority, Texas' nearly $134.5 million series 2010A central regional wastewater system revenue bonds. At the same time, Standard&Poor's affirmed its 'AAA' long-term and underlying rating (SPUR) on the authority's outstanding debt. The outlook is stable. We believe the rating reflects the participant cities' water and sewer systems, which collectively exhibit: Margins that are able to generate sound coverage of all on-balance-sheet and off-balance-sheet obligations, including those to the authority; Strong liquidity; and Moderate retail service rates, coupled with a demonstrated willingness to adjust rates, as necessary. Moderating these strengths is a capital improvement plan (CIP) that requires significant expenditures by the authority to address system
