...Standard & Poor's Ratings Services raised its rating on the Trinity River Authority (TRA), Texas' parity debt to '##+' from '##'. At the same time, we assigned our '##+' rating to the authority's series 2016 revenue bonds, issued for the Denton Creek System. The outlook is stable. The upgrade reflects the improved credit quality of the system's participating cities, specifically Fort Worth, which we view as the strong link given its position as the largest participant. The ratings reflect our opinion of the general creditworthiness of the leading utility system that participated in TRA's Denton Creek wastewater collection and treatment system. Contracts between the participant retail systems--primarily municipally owned water and sewer systems mostly in Tarrant County--and the authority require unconditional payments to the authority. Fort Worth remains the largest user, as a percentage of flows, as well as the strongest rated participant. Payments, which are considered operating expenses...
