Standard&Poor's Ratings Services affirmed its 'AA' rating, with a stable outlook, on Trinity River Authority (TRA), Texas' Tarrant County water project revenue bonds. The rating is based on the underlying credit qualities of the utility systems of the participant cities in the Tarrant County water project: Bedford, Euless (AA/Stable revenue debt rating), Grapevine (AA/Stable), Colleyville (AA+/Stable), and North Richland Hills. We believe these retail systems collectively exhibit: Predominantly residential service areas with little-to-no dependency on principal customers for revenue; Above-average wealth and income, boosted by their participation in the Dallas-Fort Worth metropolitan statistical area; and Adequate finances, including, what we consider, good liquidity and fixed-charge coverages -- The ability to cover all on- and off-balance-sheet obligations, including those
