S&P Global Ratings assigned its 'AA+' long-term rating to the Trinity River Authority (TRA), Texas' series 2020 improvement revenue bonds, issued for the Tarrant County water project. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the authority's outstanding debt, which was also issued for the Tarrant County water project. The outlook on all ratings is stable. A first-lien net revenue pledge derived from payments by the participant cities to TRA secures the approximately $5.81 million series 2020 bonds. The five participant cities treat their obligations to TRA as operating expenses of their water systems. TRA bases payments on the participants' proportional water consumption compared to total water consumption. The contracts require the cities to pledge an
