...S&P Global Ratings revised its outlook to stable from negative and affirmed its '##' rating on Trinity River Authority (TRA), Texas' series 2018 contract revenue bonds, issued for its Walker-Calloway system. The revised outlook reflects our view of the contract cities' improved all-in debt service coverage after incorporating administrative transfers, payment in lieu of taxes, franchise fees, and take-or-pay agreements, in addition to supporting the general obligation debt at the contract city level in application of our criteria. North Richland Hills' all-in coverage improved to a good level (between 1.4x and 1.6x) for fiscal years 2018 and 2019 from below sufficiency in 2017, and we think this is sustainable given the large rate increases implemented in 2019. Hurst's all-in coverage has met sufficiency for fiscals 2018 and 2019, improving from below sufficiency in 2017, which we also think is sustainable given management's plan to review and implement rate increases as needed. Further...
