Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to Trinity River Authority, Texas' series 2011 state-revolving loan bonds, issued for the Texas Water Development Board and the Ten Mile Creek project, 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 existing state-revolving loan bonds. In Standard&Poor's view, the credit rating reflects the credit strength of the water and sewer operations of the system's five participating members: Cedar Hill, DeSoto, Lancaster, Duncanville, and Ferris. In our opinion, these cities' water and sewer systems collectively exhibit: Stable customer bases, Adequate debt service coverage (DSC) on any
