Standard&Poor's Ratings Services affirmed its 'A+' long-term rating, with a stable outlook, on the Trinity River Authority, Texas' revenue bonds. At the same time, we affirmed our 'A+' underlying rating (SPUR), with a stable outlook, on the authority's revenue debt outstanding, issued for Red Oak Creek System, a regional wastewater treatment system. We base the affirmation on what we view as the creditworthiness and financial stability of the member cities' respective utility systems, as well as their sound service area economies and utility system operations. In general, Standard&Poor's believes the water and sewer systems of these cities collectively exhibit: Revenue streams that provide adequate debt service coverage; Low treatment rates; and Sufficient treatment capacity. A first-lien
