Standard&Poor's Ratings Services assigned its 'AA+' rating to the Trinity River Authority, Texas' central regional wastewater system improvement revenue bonds, series 2009. The rating primarily reflects what we view as the member cities' improving general creditworthiness and financial stability, as well as their strong service area economies and the strong operations of the respective utility systems. In our opinion, the participant cities' water and sewer systems collectively exhibit: Margins that are able to generate sound coverage of all on- and off-balance-sheet obligations, including those to the authority; Strong liquidity; and Moderate retail service rates, coupled with a demonstrated willingness to adjust rates, as necessary. In our view, moderating these strengths is a capital improvement plan (CIP) that requires
