Standard&Poor's Ratings Services assigned its 'AAA' rating and stable outlook to Trinity River Authority (TRA), Texas' series 2012 state revolving fund loan, issued for the central regional wastewater system. Standard&Poor's also affirmed its 'AAA' rating, with a stable outlook, on the authority's parity debt. The rating reflects our opinion of the general creditworthiness of the cities participating in TRA's central regional wastewater system, including: Financial 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 net revenue pledge derived from payments by contract
