...+ S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on Austin, Texas' electric utility system (d/b/a Austin Energy) revenue debt to '##-' from '##'. + The lowered rating reflects our view of the utility's weakened financial performance in fiscal years 2021 and 2020, as evidenced by lower fixed-charge coverage metrics ranging between 1.0x and 1.1x due in part to lower electric sales and higher annual debt service requirements, combined with our view of projected lower liquidity and coverage metrics that are lower than historical levels and not supportive of the previously assigned '##' rating. + The stable outlook is based on our view of the utility's relative resilience to Electricity Reliability Council of Texas' (ERCOT) market price volatility due to its diverse power supply portfolio, and its plans to raise base rates in early 2023 to support stronger coverage metrics and its capital program....
