S&P Global Ratings affirmed its 'AA-' long-term and underlying rating (SPUR) on Austin, Texas's electric utility system (d/b/a Austin Energy) revenue debt. The outlook is stable. A pledge of the electric system's net revenue secures the system's electric revenue bonds. Austin Energy had $2.2 billion in total debt outstanding as of Sept. 30, 2023. The electric net revenue pledge is on parity with the electric system's net revenue pledge that supports prior subordinate-lien combined utility system bonds (which water, sewer, and electric system revenue secures). As of Sept. 30, 2023, $32 million in prior subordinate-lien bonds were outstanding and closed to new issuance. The city will issue all future electric system debt under the parity electric utility obligations lien. Following
