...S&P Global Ratings assigned its 'A+' long-term rating to San Antonio, Texas' electric and gas systems' series 2022 fixed- and variable-rate junior-lien revenue refunding bonds. At the same time, we affirmed our '##-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio's electric and gas systems revenue debt. The outlook is negative. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The negative outlook reflects the continued uncertainty associated with many factors facing utilities throughout the state, related to the potential financial and operational fallout of the winter storm in February 2021. The utility remains exposed to credit risk associated with elevated governance risk that is an outgrowth of key personnel departures throughout 2021, and that requires enhanced risk management practices to address the financial and operational exposures the Electric Reliability Council of Texas...
