Standard&Poor's Ratings Services raised its underlying ratings (SPURs) to 'AA-' from 'A+' on Trinity River Authority, Texas' 2008 state revolving loan (Ten Mile Creek Project) outstanding, issued for the Texas Water Development Board. Standard&Poor's assigned its 'AA-' long-term rating, with a stable outlook, to the authority's series 2009 state revolving loan. We base the upgrade on the SPURs on the credit strength of the water and sewer operations of the system's five participating members: Cedar Hill, DeSoto, Lancaster, Duncanville, and Ferris. In Standard&Poor's view, 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
