Standard&Poor's Ratings Services has raised its long-term rating on the Trinity River Authority, Texas' Tarrant County Water Project revenue bonds three notches to 'AA' from 'A'. The outlook is stable. In addition, Standard&Poor's has assigned its 'AA' long-term rating, and stable outlook, to the authority's series 2008 improvement revenue bonds based on the credit quality of the participants The upgrade is based on the improved underlying credit quality of the utility systems of the cities of the Tarrant County Water Project: Bedford, Euless, Grapevine, Colleyville, and North Richland Hills, Texas. These retail systems collectively exhibit the following credit characteristics: Predominantly residential service areas with little-to-no dependency on principal customers for revenues; Above-average wealth and income indicators,
