Houston, TX?s Series 2004 B-4 Long-Term Bond Rating Corrected To 'AA+/A-1' And Underlying Rating Is Reinstated To 'AA'

NEW YORK (S&P Global Ratings) June 7, 2019--S&P Global Ratings corrected by raising the long-term component and lowering the short-term component on its joint support rating on Houston, Texas' series 2004 B-4 combined utility system first-lien adjustable-rate bonds to 'AA+/A-1'. The long-term component of the rating reflects that of the city, and the short-term component reflects the liquidity support provided by the revolving credit agreement with MUFG Bank Ltd. (A/Positive/A-1). At the same time, S&P Global Ratings corrected by reinstating its 'AA' underlying rating on the bonds. The outlook is stable. On July 7, 2016, due to an administrative error we incorrectly referenced these series 2004 B-4 bonds in a rating action associated with a letter of credit substitution for

...June 7, 2019 NEW YORK (S&P Global Ratings) June 7, 2019--S&P Global Ratings corrected by raising the long-term component and lowering the short-term component on its joint support rating on Houston, Texas' series 2004 B-4 combined utility system first-lien adjustable-rate bonds to '##+/A-1'. The long-term component of the rating reflects that of the city, and the short-term component reflects the liquidity support provided by the revolving credit agreement with MUFG Bank Ltd. (A/Positive/A-1). At the same time, S&P Global Ratings corrected by reinstating its '##' underlying rating on the bonds. The outlook is stable. On July 7, 2016, due to an administrative error we incorrectly referenced these series 2004 B-4 bonds in a rating action associated with a letter of credit substitution for a similarly titled (series B-4) commercial paper program of the issuer involving State Street Bank and Trust Co., Boston, Mass....

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