Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+' - S&P Global Ratings’ Credit Research

Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+'

Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+' - S&P Global Ratings’ Credit Research
Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+'
Published Feb 22, 2017
3 pages (1028 words) — Published Feb 22, 2017
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About This Report

  
Abstract:

DALLAS (S&P Global Ratings) Feb. 22, 2017--S&P Global Ratings corrected by raising the rating on Houston's series B-1 commercial paper (CP) notes to 'A-1+' from 'A-1'. The rating is based on the long-term underlying rating of the city's combined utility system. We affirmed our 'AA' rating on its working lien on July 26, 2016. The outlook on the long-term debt is stable. Liquidity support for the series B-1 notes is provided through Jan. 1, 2019, secured by a revolving credit agreement with Bank of America N.A. We understand that the revolving credit agreement supports up to $100 million in principal, and 270 days of interest at up to 10%. Barclays Capital LLC, Citigroup Global Markets Inc., and JP Morgan Securities

  
Brief Excerpt:

...Primary Credit Analyst: Theodore A Chapman, Dallas (1) 214-871-1401; theodore.chapman@spglobal.com Secondary Contact: Edward R McGlade, New York (1) 212-438-2061; edward.mcglade@spglobal.com...

  
Report Type:

Ratings Action

Ticker
HOUFAC
Issuer
Houston
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+'" Feb 22, 2017. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Houston-Combined-Utility-System-Series-B-1-Commercial-Paper-Note-Rating-Revised-To-A-1-1804480>
  
APA:
S&P Global Ratings’ Credit Research. (). Houston Combined Utility System Series B-1 Commercial Paper Note Rating Revised To 'A-1+' Feb 22, 2017. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Houston-Combined-Utility-System-Series-B-1-Commercial-Paper-Note-Rating-Revised-To-A-1-1804480>
  
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