...October 15, 2020 NEW YORK (S&P Global Ratings) Oct. 15, 2020--S&P Global Ratings assigned its '##' long-term rating to Austin, Texas' parity electric utility system series 2020A revenue refunding and improvement bonds and series 2020B taxable revenue refunding bonds. At the same time, S&P Global Ratings affirmed its '##' underlying rating (SPUR) on the city's parity electric system (d/b/a Austin Energy) revenue debt. The outlook is stable. "The rating reflects our opinion of the electric system's very strong enterprise and financial risk profiles," said S&P Global Ratings credit analyst Scott Sagen, "including its extremely strong service area economic fundamentals and industry risk, and extremely strong liquidity and reserves." A pledge of the electric system's net revenues secures the system's series 2020A and 2020B revenue bonds. These bonds are subordinate to prior subordinate-lien combined utility system bonds (which water, sewer, and electric system revenues secure). The prior subordinate-lien...
