...October 31, 2024 NEW YORK (S&P Global Ratings) Oct. 31, 2024--S&P Global Ratings assigned its '##-' long-term rating to Austin, Texas' $240 million series 2024 electric utility system (d/b/a Austin Energy) revenue refunding bonds. The outlook is stable. "Base-rate increases for the utility in 2023 combined with a more dynamic power supply adjustment (PSA) mechanism has improved coverage metrics to stronger levels in fiscal years 2023 and 2024. The additional base revenue will support increased cash flows that fund a portion of the utility's capital investment needs and will rebuild liquidity to stronger levels," said S&P Global Ratings credit analyst Scott Sagen. A pledge of the electric system's net revenue secures the system's electric revenue bonds. Management plans to use series 2024 bond proceeds to refund the city's outstanding tax-exempt commercial paper (CP) obligations issued for the electric system. Austin Energy had $2.2 billion in total debt outstanding as of Sept. 30, 2023....
