Trinity River Authority, TX 2017 Bonds Assigned 'AAA' Rating

DALLAS (S&P Global Ratings) April 20, 2017--S&P Global Ratings assigned its 'AAA' rating to Trinity River Authority, Texas' series 2017 revenue refunding bonds, issued for its Central Regional Wastewater System (CRWS). We are also affirming our 'AAA' rating on TRA's outstanding CRWS revenue bonds, as well as our 'A-1+' rating on the authority's series A $350 million extendible 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 the 'AAA' long-term rating. We have applied the primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating) and have applied this rating to the senior-lien issues. The outlook on the long-term rating is

...DALLAS (S&P Global Ratings) April 20, 2017--S&P Global Ratings assigned its '###' rating to Trinity River Authority, Texas' series 2017 revenue refunding bonds, issued for its Central Regional Wastewater System (CRWS). We are also affirming our '###' rating on TRA's outstanding CRWS revenue bonds, as well as our 'A-1+' rating on the authority's series A $350 million extendible 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 the '###' long-term rating. We have applied the primary wholesale utility criteria to determine TRA's general creditworthiness (issuer credit rating) and have applied this rating to the senior-lien issues. The outlook on the long-term rating is stable. "The long-term rating reflects our assessment of the general creditworthiness of the cities participating in the TRA's CRWS, with common characteristics that include financial margins that generate strong...

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