...S&P Global Ratings assigned its '##' long-term rating to Austin, Texas' parity electric utility system series 2019B revenue refunding bonds and series 2019C taxable revenue refunding and improvement bonds. The outlook is stable. A pledge of the electric system's net revenues secures the system's series 2019B and 2019C 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 bonds are closed to new issuance. As of May 16, 2019, $90 million in prior subordinate-lien bonds were outstanding and all prior first-lien obligations were retired. The city will issue all future electric system debt under the parity electric utility obligations lien. Officials plan to use series 2019B and 2019C bond proceeds to refund a portion of the combined utility system's outstanding commercial paper (CP) obligations, and fund a $30 million district cooling plant. The electric system...
