Standard&Poor's Ratings Services assigned its 'AA' long-term rating, and stable outlook, to Trinity River Authority, Texas' series 2011 state revolving fund loan, issued for Denton Creek Regional Wastewater Treatment System, and affirmed its 'AA' long-term rating and underlying rating (SPUR), with a stable outlook, on the authority's parity debt 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 adequate debt service coverage (DSC) following recalculations of participant obligations, providing an effective step-up provision; Low treatment rates; and Sufficient treatment capacity. A first-lien pledge on net revenues derived from contract participants' payments to the
