S&P Global Ratings raised its long-term rating on the City of Houston ’s combined utility system (CUS) first-lien revenue bonds outstanding to ‘AA+’ from ‘AA’. At the same time, we assigned our ‘AA+’ long-term rating to the city’s $1.3 billion series 2026B, $860 million series 2026C, and $105 million taxable series 2026D CUS first-lien revenue refunding bonds. In addition, we affirmed our ‘A-1+’ short-term rating on the city’s extendable commercial paper (ECP) and our'A-1+'short-term rating on the utility system's existing CP notes. Lastly, we affirmed our ‘AA+’ long-term rating on the previous ordinance series 1998 and our ‘AAA/A-1+’ rating on the system’s series 2004B-5 variable-rate demand bonds (VRDBs), although these will be refunded with the new bonds. The
