NY -- Standard&Poor's CreditWire 8/25/97 -- Standard&Poor's today assigned its triple-`B'-plus underlying rating to Trinity River Authority, Texas' contract revenue refunding bonds (City of Lancaster Water&Sewer Project) series 1997 dated Sept. 1, 1997 due March 1, 1998-2011. The bonds are scheduled to sell the week of Sept. 2, 1997 and are expected to receive a triple-`A' rating based on FSA insurance. The triple-`B'-plus underlying rating reflects the strength of the contract between the Trinity River Authority and the city of Lancaster. Under the terms of the contract, payments on the bonds are payable and secured by pledges of Lancaster's ad valorem taxes and surplus revenues of the Lancaster Combined Waterworks and Sanitary Sewer System.
