...S&P Global Ratings assigned its '##' long-term rating to Austin, Texas' parity electric utility system series 2019A taxable revenue 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. A pledge of the electric system's net revenues secures the system's series 2019A revenue bonds. These bonds are subordinate to two liens of combined utility system bonds (which water, sewer, and electric system revenues secure). A first-lien pledge on the combined net revenues of the city's electric, waterworks, and sanitary sewer system secures the combined utility debt. The prior first-lien and prior subordinate-lien bonds, are both closed to new issuance. As of May 16, 2019, $90 million in prior subordinate-lien bonds will be outstanding and all prior first-lien obligations will be retired. The city will issue all future electric system debt under the parity electric utility...
