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Monday, December 9, 2019

Bond Rating

February 17, 2015

Travis County Water Control & Improvement District #17
3812 Eck Lane
Austin, TX 78734

Attention: Ms. Deborah S. Gernes, General Manager

Re: US$9,564,996.5 Travis County Water Control & Improvement District No. 1, Texas, Steiner
Ranch Area Unlimited Tax Refunding Bonds, Series 2015, dated: February 15, 2015, due:
November 1, 2031

Dear Ms. Gernes:

Pursuant to your request for a Standard & Poor’s Ratings Services (“Ratings Services”) rating on
the above-referenced obligations, Ratings Services has assigned a rating of “A”. Standard & Poor’s
views the outlook for this rating as stable. A copy of the rationale supporting the rating is enclosed.

This letter constitutes Ratings Services’ permission for you to disseminate the above-assigned
ratings to interested parties in accordance with applicable laws and regulations. However,
permission for such dissemination (other than to professional advisors bound by appropriate
confidentiality arrangements) will become effective only after we have released the rating on
standardandpoors.com. Any dissemination on any Website by you or your agents shall include the
full analysis for the rating, including any updates, where applicable.

To maintain the rating, Standard & Poor’s must receive all relevant financial and other
information, including notice of material changes to financial and other information provided to us
and in relevant documents, as soon as such information is available. Relevant financial and other
information includes, but is not limited to, information about direct bank loans and debt and debtlike
instruments issued to, or entered into with, financial institutions, insurance companies and/or
other entities, whether or not disclosure of such information would be required under S.E.C. Rule
15c2-12. You understand that Ratings Services relies on you and your agents and advisors for the
accuracy, timeliness and completeness of the information submitted in connection with the rating
and the continued flow of material information as part of the surveillance process. Please send all
information via electronic delivery to: pubfin_statelocalgovt@standardandpoors.com. If SEC rule
17g-5 is applicable, you may post such information on the appropriate website. For any
information not available in electronic format or posted on the applicable website,

Please send hard copies to:
Standard & Poor’s Ratings Services
Public Finance Department
55 Water Street
New York, NY 10041-0003

The rating is subject to the Terms and Conditions, if any, attached to the Engagement Letter
applicable to the rating. In the absence of such Engagement Letter and Terms and Conditions, the
rating is subject to the attached Terms and Conditions. The applicable Terms and Conditions are
incorporated herein by reference.

Ratings Services is pleased to have the opportunity to provide its rating opinion. For more
information please visit our website at www.standardandpoors.com. If you have any questions,
please contact us. Thank you for choosing Ratings Services.

Sincerely yours,


cc: Ms. Monica Melvin, Administrative Assistant
Specialized Public Finance, Inc.


Standard & Poor’s Ratings Services – Terms and Conditions Applicable To Public Finance Credit Ratings

General. The credit ratings and other views of Standard & Poor’s Ratings Services (“Ratings Services”) are statements of opinion and not statements of fact. Credit ratings and other views of Ratings Services are not recommendations to purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or suitability of any security. While Ratings Services bases its credit ratings and other views on information provided by issuers and their agents and advisors, and other information from sources it believes to be reliable, Ratings Services does not perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives. Such information and Ratings Services’ opinions should not be relied upon in making any investment decision. Ratings Services does not act as a “fiduciary” or an investment advisor. Ratings Services neither recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide consulting, advisory, financial or structuring advice. Unless otherwise indicated, the term “issuer” means both the issuer and the obligor if the obligor is not the issuer.

All Credit Rating Actions in Ratings Services’ Sole Discretion. Ratings Services may assign, raise, lower, suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in Ratings Services’ sole discretion. Ratings Services may take any of the foregoing actions notwithstanding any request for a confidential or private credit rating or a withdrawal of a credit rating, or termination of a credit rating engagement. Ratings Services will not convert a public credit rating to a confidential or private credit rating, or a private credit rating to a confidential credit rating.

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Reliance on Information. Ratings Services relies on issuers and their agents and advisors for the accuracy and completeness of the information submitted in connection with credit ratings and the surveillance of credit ratings including, without limitation, information on material changes to information previously provided by issuers, their agents or advisors. Credit ratings, and the maintenance of credit ratings, may be affected by Ratings Services’ opinion of the information received from issuers, their agents or advisors.

Confidential Information. Ratings Services has established policies and procedures to maintain the confidentiality of certain non-public information received from issuers, their agents or advisors. For these purposes, “Confidential Information” shall mean verbal or written information that the issuer or its agents or advisors have provided to Ratings Services and, in a specific and particularized manner, have marked or otherwise indicated in writing (either prior to or promptly following such disclosure) that such information is “Confidential.”

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Disclaimer of Liability. Ratings Services does not and cannot guarantee the accuracy, completeness, or timeliness of the information relied on in connection with a credit rating or the results obtained from the use of such information. RATINGS SERVICES GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. Ratings Services, its affiliates or third party providers, or any of their officers, directors, shareholders, employees or agents shall not be liable to any person for any inaccuracies, errors, or omissions, in each case regardless of cause, actions, damages (consequential, special, indirect, incidental, punitive, compensatory, exemplary or otherwise), claims, liabilities, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in any way arising out of or relating to a credit rating or the related analytic services even if advised of the possibility of such damages or other amounts.

No Third Party Beneficiaries. Nothing in any credit rating engagement, or a credit rating when issued, is intended or should be construed as creating any rights on behalf of any third parties, including, without limitation, any recipient of a credit rating. No person is intended as a third party beneficiary of any credit rating engagement or of a credit rating when issued.