...S&P Global Ratings raised to '##-' from 'A+' its underlying rating (SPUR) on Upper Trinity Regional Water District (UTRWD), Texas' northeast regional water reclamation system revenue bonds. At the same time, S&P Global Ratings assigned its '##-' rating to UTRWD's series 2022 northeast regional water reclamation system revenue bonds. The outlook is stable. The higher rating reflects our opinion of the improving credit quality of the district's established customers, specifically Mustang Special Utility District, Celina, and Prosper (which started sending flows in 2016). The bond proceeds will used for an expansion at Doe Branch Northeast Regional Water Reclamation System, among other projects. UTRWD will have roughly $74 million of revenue bonds outstanding. We base the rating on the eight system participants' general creditworthiness and the system's ability to adjust rates on the participants at any time for any reason, effectively creating an unlimited step-up provision....
