Tarrant Regional Water District, TX Series 2024 Improvement Bonds Rated ?AAA?; Outlook Is Stable

ENGLEWOOD (S&P Global Ratings) April 17, 2024--S&P Global Ratings assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' anticipated $179.1 million series 2024 water revenue refunding and improvement bonds. At the same time, we affirmed our 'AAA' long-term rating on the district's existing long-term revenue bonds. We also affirmed our 'A-1+' rating on the district's series A commercial paper (CP) program. Because it is an extendible maturity CP program, with no revolving credit agreement or other liquidity support, the rating is based on our 'AAA' long-term debt rating on TRWD. The outlook, where applicable, is stable. Total parity debt outstanding as of March 1, 2024, is $976.2 million. A first-lien pledge on the net revenues of the district's

...April 17, 2024 ENGLEWOOD (S&P Global Ratings) April 17, 2024--S&P Global Ratings assigned its '###' rating to Tarrant Regional Water District (TRWD), Texas' anticipated $179.1 million series 2024 water revenue refunding and improvement bonds. At the same time, we affirmed our '###' long-term rating on the district's existing long-term revenue bonds. We also affirmed our 'A-1+' rating on the district's series A commercial paper (CP) program. Because it is an extendible maturity CP program, with no revolving credit agreement or other liquidity support, the rating is based on our '###' long-term debt rating on TRWD. The outlook, where applicable, is stable. Total parity debt outstanding as of March 1, 2024, is $976.2 million. A first-lien pledge on the net revenues of the district's system secures the series 2024 water revenue bonds. Bond proceeds will fund portions of management's capital program and refund the district's taxable bond series 2020 and 2020B. District revenues are derived from...

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