Standard&Poor's Ratings Services assigned its 'AA+' rating to the the Trinity River Authority (TRA), Texas' series 2016 revenue refunding bonds, issued for Tarrant County's water project. At the same time, Standard&Poor's affirmed its 'AA+' rating on the authority's series 2015, 2013, and 2008 revenue bonds, also issued for Tarrant County's water project. The outlook on all the ratings is stable. The rating reflects our opinion of the underlying credit quality of the utility systems of the cities participating in Tarrant County's water project: Colleyville, Bedford, Euless, Grapevine, and North Richland Hills. We believe these retail systems collectively exhibit: Strong debt service coverage (DSC) and liquidity levels; Essentiality of water treatment services provided by the TRA; Predominantly
