Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to Trinity River Authority, Texas' series 2011 water development board loan revenue bonds, issued for the Texas Water Development Board and Red Oak Creek system, a regional wastewater treatment system. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR), with a stable outlook, on the authority's state-revolving loans. In Standard&Poor's view, the rating reflects the member cities' respective utility systems' credit strengths and financial stability, 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, what we consider,
