Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Trinity River Authority (TRA), Texas' series 2013 revenue improvement and refunding bonds, issued for the central regional wastewater system, and affirmed its 'AAA' rating, with a stable outlook, on the authority's parity debt. The rating reflects our assessment of the general creditworthiness of the cities participating in the TRA's central regional wastewater system, including their: Financial margins that generate appropriate coverage of all on-balance-sheet and off-balance-sheet obligations, including those to the authority; Strong liquidity; and Moderate retail service rates with a demonstrated willingness to adjust rates, as necessary, to ensure payment to the TRA. A first-lien net revenue pledge derived from payments by contract participants to the
