Standard&Poor's Ratings Services raised its long-term and underlying ratings (SPUR) to 'AA-' from 'A+' on Trinity River Authority, Texas' water development board loan series 2008 (Red Oak Creek System) outstanding, issued for the Texas Water Development Board, a regional wastewater treatment system. The outlook is stable. At the same time, Standard&Poor's assigned its 'AA-' rating, and stable outlook, to the authority's series 2009 loan. We base the upgrade on the improving creditworthiness and financial stability of the member cities' respective utility systems, as well as what we consider their sound service area economies and utility system operations. In our opinion, these cities' water and sewer systems collectively exhibit: Revenue streams that provide adequate debt service coverage;
