...S&P Global Ratings assigned its '##+' long-term rating to the Trinity River Authority (TRA), Texas' series 2019 improvement revenue bonds, issued for the Tarrant County water project. At the same time, S&P Global Ratings affirmed its '##+' rating on the authority's outstanding debt, which were also issued for the Tarrant County water project. The outlook on all ratings is stable. The ratings reflect our opinion of the underlying credit quality of the utility systems of the cities participating in Tarrant County's water project: Colleyville, Bedford, and Euless, as well as portions of Grapevine and North Richland Hills. We believe the utility systems collectively exhibit: + Strong total financial capacity with what we view as an extremely strong ability to cover all on- and off-balance-sheet obligations, including those belonging to the authority's Tarrant County water project; + Essentiality of water treatment services provided by TRA; + Predominantly residential service areas with little...
