S&P Global Ratings affirmed its ?A+? long-term rating and underlying rating (SPUR) on the City of Houston , Texas' subordinate-lien general airport revenue bonds (GARBs) outstanding, issued for the Houston Airport System (HAS, or the system). The outlook is stable. The system, which Houston owns and operates, runs the city's three airports: George Bush Intercontinental Airport-Houston (IAH), William P. Hobby Airport (HOU), and Ellington Airport (EFD). The bonds are secured by a subordinate lien on the net revenues of HAS. While there are no senior-lien bonds outstanding, and although the city does not expect to issue additional long-term senior-lien bonds at this time, the lien remains open. The city maintains a senior-lien commercial paper (CP) program in the maximum aggregate
