Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to the Trinity River Authority (TRA or the authority), Texas' central regional wastewater system series 2011A state revolving fund loan. In addition, we affirmed our 'AAA' rating on the authority's parity debt. The rating reflects our opinion of the system's participant cities' general creditworthiness, which in general includes: Margins that are able to generate appropriate coverage of all on-balance-sheet and off-balance-sheet obligations, including those to the authority; Strong liquidity; and Moderate retail service rates, coupled with a demonstrated willingness to adjust rates as necessary to ensure payment to TRA. A first-lien pledge on net revenues derived from payments by contract participants to the authority secures the bonds. Payments
