Summary: Trinity River Authority, Texas Walker-Calloway System; Water/Sewer

S&P Global Ratings assigned its 'AA' rating to Trinity River Authority (TRA), Texas' approximately $3.2 million series 2022 revenue bonds, issued for its Walker-Calloway system. At the same time, S&P Global Ratings affirmed its 'AA' rating on the TRA's Walker-Calloway system outstanding revenue bonds. The outlook is stable. The proceeds of the series 2022 bonds will fund improvements to the authority's Walker-Calloway Branch outfall trunk sewer system. A first-lien net revenue pledge of city payments to the TRA secures the bonds. The cities treat their obligations to the authority as operating expenses of their water and sewer funds. A debt service reserve fund in the amount of average annual debt service provides additional project liquidity. As of April 18, 2022,

...S&P Global Ratings assigned its '##' rating to Trinity River Authority (TRA), Texas' approximately $3.2 million series 2022 revenue bonds, issued for its Walker-Calloway system. At the same time, S&P Global Ratings affirmed its '##' rating on the TRA's Walker-Calloway system outstanding revenue bonds. The outlook is stable. The proceeds of the series 2022 bonds will fund improvements to the authority's Walker-Calloway Branch outfall trunk sewer system. A first-lien net revenue pledge of city payments to the TRA secures the bonds. The cities treat their obligations to the authority as operating expenses of their water and sewer funds. A debt service reserve fund in the amount of average annual debt service provides additional project liquidity. As of April 18, 2022, the Walker-Calloway project had about $5.7 million of principal outstanding....

Summary