SAN FRANCISCO (S&P Global Ratings) Jan. 29, 2025--S&P Global Ratings assigned its 'AAA' rating to Tarrant Regional Water District (TRWD), Texas' approximately $409.2 million series 2025 contract revenue bonds, issued for the city of Dallas for the joint integrated pipeline (IPL) project. At the same time, we affirmed our 'AAA' underlying rating on the district's existing IPL-related contract revenue debt, also issued for Dallas. Lastly, we affirmed our 'AAA' long-term and underlying ratings on Dallas Water Utilities (DWU) waterworks and sanitary sewer bonds. The outlook is stable. "The rating reflects our view of the DWU's broad and diverse customer base, affordable combined water and wastewater rates, strong coverage metrics, and operational and financial management practices," said S&P Global Ratings credit
