The 'A+' rating on Trinity River Authority (TRA), Texas' Ten Mile Creek project revenue bonds reflects the credit strength of the water and sewer operations of the system's five participating members (Cedar Hill, DeSoto, Lancaster, Duncanville, and Ferris). These strengths include: Stable customer bases, Good coverage of fixed charges and any revenue bond debt, Limited capital needs within each system, and A sharply declining debt service schedule for bonds related to the project. The contract between TRA and the five participating members specifies an unlimited step-up obligation that requires remaining members to assume a pro rata share of a defaulting members' debt service and operating payments. TRA bills the members monthly for their pro rata share, not actual flows, to
