...S&P Global Ratings assigned its '###' rating to Trinity River Authority (TRA), Texas' series 2019 revenue improvement and refunding bonds, issued for its Central Regional Wastewater System (CRWS). At the same time, we affirmed our '###' rating on TRA's outstanding CRWS revenue bonds, as well as our 'A-1+' rating on the authority's series A extendible commercial paper (CP) program. Because TRA has an extendible maturity CP program with no revolving credit agreement or other liquidity support, the rating is based on the '###' long-term rating. The outlook, where applicable, is stable. We have applied our primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating) and have applied this rating to the senior-lien issues. The CRWS system has a predominantly locally derived revenue base. Local service charges, derived through an autonomous rate-setting process, represent virtually all of the system's revenue. This, coupled with operating expense flexibility,...
