AUSTIN, Texas--(BUSINESS WIRE)--Fitch Ratings has affirmed the 'AAA' rating on the following bonds issued by the Texas Water Development Board (TWDB): --Approximately $725 million state revolving fund (SRF) revenue bonds. The Rating Outlook is Stable. SECURITY Bonds are secured primarily by pledged loan repayments and available amounts held in certain pledged accounts. KEY RATING DRIVERS SOUND FINANCIAL STRUCTURE: Fitch's cash flow modeling demonstrates that the program can continue to pay bond