The standard long-term rating and Standard&Poor's underlying rating (SPUR) on Trinity River Authority (TRA), Texas' central regional wastewater system revenue refunding bonds has been raised to 'AA' based on the general creditworthiness and financial stability of the member cities, as well as their strong service area economies and utility systems. The water and sewer systems of these cities collectively exhibit: A revenue stream that provides adequate debt service coverage (DSC), Low treatment rates, and Sufficient treatment capacity. A first lien pledge on the net revenues derived from payments by the contract participants to the authority secures the bonds. Payments are based on the participants' sewer flows as a percentage of total flows to the plant. The contracts require
