Upper Trinity Regional Water District, TX Debt Rating Raised Three Notches To #A+# On Improved Credit Quality

Stocks and Financial Services Press Releases Friday January 20, 2017 08:55
DALLAS--20 Jan--S&P Global Ratings

DALLAS (S&P Global Ratings) Jan. 19, 2017--S&P Global Ratings raised its underlying rating (SPUR) on Upper Trinity Regional Water District, Texas' northeast regional water reclamation bonds three notches to 'A+' from 'BBB+'. The outlook is stable.

The rating action reflects S&P Global Ratings' opinion of the generally improved credit quality of the district's established customers, specifically Mustang Special Utility District, Celina, and Prosper (started sending flows in 2016). The rating action also reflects S&P Global Ratings' opinion of the system's credit fundamentals under the rating service's recently revised water sewer criteria.

The rating service bases the rating on the eight system participants' general creditworthiness and the system's ability to adjust rates on the participants at any time for any reason, effectively creating an unlimited step-up provision.

"We do not currently expect to change the rating further within our two-year outlook period. However, we could raise the rating if general credit quality were to improve due to the stronger-rated utilities," said S&P Global Ratings credit analyst Jose Razo. "We could lower the rating if the stronger-rated participants' financial risk profiles were to deteriorate due to higher operating and debt-related costs from wholesale providers."

The stable outlook reflects S&P Global Ratings' opinion of the district participants' credit quality, which will remain supportive of the rating. The rating service believes participants' strong credit characteristics, specifically their strong financial risk profiles, and access to the Dallas-Fort Worth metropolitan statistical area will likely maintain the outlook.

A first-lien net-wastewater system-revenue pledge, derived from payments to the district from contracted members, secures the bonds.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. Please see Ratings Criteria at www.standardandpoors.com for further information. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com and at www.spcapitaliq.com. All ratings affected by this rating action can be found on the S&P Global Ratings' public website at www.standardandpoors.com. Use the Ratings search box located in the left column.

Latest Press Release


NEXT BLOCK ASIA + Fabulous Bangkok After-Party Bangkok, Thailand will host the 2-day NEXT BLOCK ASIA "Beyond Crypto" by Krypton Events and CoinAdvice on 25-26 June 2019 at the W Hotel. The conference will bring together experts from CRYPTO and BEYOND,...

Photo Release: EXIM Thailand Visits Deputy Governor of State Bank of Vietnam To Discuss Thai Investment Prospects in Vietnam

Mrs. Warangkana Wongkhaluang (second left), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently paid a visit to Mr. Doan Thai Son (center), Deputy Governor of State Bank of Vietnam in Hanoi to discuss monetary...

Photo Release: EXIM Thailand Visits Thai Ambassador to Hanoi Discussing Ways to Promote Thai-Vietnamese Trade and Investment

Mrs. Warangkana Wongkhaluang (second left), Senior Executive Vice President of Export-Import Bank of Thailand (EXIM Thailand), recently paid a courtesy visit to His Excellency Mr. Tanee Sangrat (center), Ambassador of Thailand to Vietnam and Miss...

TMB re-affirms its leadership position in the Thai banking industry by launching the first ever Multi Currency Account in Thailand allowing exporters to manage six major currencies in one account

TMB continues to develop digital solutions that truly meet customer's need, creating positive changes to customer's life, along with its Make THE Difference philosophy, to re-affirm its market leadership position. TMB today becomes the first bank in...

Fitch Rates EXIM#s USD300 Million Senior Notes Final #BBB+#

Fitch Ratings has assigned Export-Import Bank of Thailand's (EXIM, BBB+/Stable) USD300 million five-year senior unsecured notes a final rating of 'BBB+'. The notes were issued under the bank's USD1.5 billion medium-term note (MTN) programme. The...

Related Topics