Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to Trinity River Authority, Texas' series 2009 regional system revenue bonds, issued for Mountain Creek Regional Wastewater Treatment System. The rating is based on the member cities' general creditworthiness and financial stability, as well as their strong service area economies and utility system operations. These cities' water and sewer systems collectively exhibit: Revenue streams that provide sound debt service coverage (DSC); Competitive treatment rates; and Sufficient treatment capacity. A first-lien pledge on net revenues derived from contract participants' payments to the authority secures the bonds. Bond proceeds will be used to make improvements to the project. Payments, considered operating expenses of the participants, are based on the
