...April 6, 2023 NEW YORK (S&P Global Ratings) April 6, 2023--S&P Global Ratings assigned its '##-' long-term rating to Austin, Texas' electric utility system's $440 million series 2023 electric utility system revenue refunding and improvement bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on Austin's electric utility system (d/b/a Austin Energy) revenue debt. The outlook is stable. "The rating reflects our view of the utility's historically robust liquidity and reserves, favorable operational profile, and recent base-rate increase which should strengthen coverage metrics," said S&P Global Ratings credit analyst Scott Sagen. A pledge of the electric system's net revenues secures the system's electric revenue bonds. Austin Energy plans to use series 2023 bond proceeds to refund its series 2012A bonds, refund $189.6 million in tax-exempt commercial paper notes, and fund a new service and operations center. Austin Energy had $2.1 billion in total...
