Summary: Upper Trinity Regional Water District, Texas; Water/Sewer

S&P Global Ratings has assigned its 'A+' rating to Upper Trinity Regional Water District (UTRWD), Texas' series 2021 regional treated water supply system revenue refunding bonds. At the same time, we affirmed our 'A+' rating on the district's previously issued regional water supply system bonds. We also affirmed our 'A+' underlying rating (SPUR) on Flower Mound's waterworks and sewer system-related debt outstanding (Flower Mound is the district's leading customer). The outlook on all ratings is stable. In addition to Flower Mound, our opinion of the other large participant's credit quality is of at least medium investment grade and that the two largest--Flower Mound and Corinth--have what we believe are financial risk profiles that have improved such that they alone would

...S&P Global Ratings has assigned its 'A+' rating to Upper Trinity Regional Water District (UTRWD), Texas' series 2021 regional treated water supply system revenue refunding bonds. At the same time, we affirmed our 'A+' rating on the district's previously issued regional water supply system bonds. We also affirmed our 'A+' underlying rating (SPUR) on Flower Mound's waterworks and sewer system-related debt outstanding (Flower Mound is the district's leading customer). The outlook on all ratings is stable. In addition to Flower Mound, our opinion of the other large participant's credit quality is of at least medium investment grade and that the two largest--Flower Mound and Corinth--have what we believe are financial risk profiles that have improved such that they alone would have sufficient capacity to support the entirety of Upper Trinity's water system obligations and still have the strong financial capacity we consider commensurate with the 'A+' rating. The district's bonds are secured...

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