Trinity River Authority, TX Debt Rating Raised To 'AA+' On Improved Credit Quality

DALLAS (Standard&Poor's) March 8, 2016--Standard&Poor's Ratings Services raised its rating on the Trinity River Authority (TRA), Texas' parity debt to 'AA+' from 'AA'. At the same time, we assigned our 'AA+' rating to the authority's series 2016 revenue bonds, issued for its Denton Creek System. The outlook is stable. "The upgrade reflects the improved credit quality of the system's participating cities, specifically Fort Worth, which we view as the strong link given its position as the largest participant," said Standard&Poor's credit analyst Jose Razo. The ratings reflect our opinion of the general creditworthiness of the leading utility system that participated in TRA's Denton Creek wastewater collection and treatment system. We understand authority officials intend

...DALLAS (Standard & Poor's) March 8, 2016--Standard & Poor's Ratings Services raised its rating on the Trinity River Authority (TRA), Texas' parity debt to '##+' from '##'. At the same time, we assigned our '##+' rating to the authority's series 2016 revenue bonds, issued for its Denton Creek System. The outlook is stable. "The upgrade reflects the improved credit quality of the system's participating cities, specifically Fort Worth, which we view as the strong link given its position as the largest participant," said Standard & Poor's credit analyst Jose Razo. The ratings reflect our opinion of the general creditworthiness of the leading utility system that participated in TRA's Denton Creek wastewater collection and treatment system. We understand authority officials intend to use series 2016 proceeds for improvements and extensions to the system. A first-lien net revenue pledge derived from contract participants' payments to the authority secures the loan. A debt service reserve fund...

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