San Antonio; CP; Combined Utility; Retail Electric

S&P Global Ratings assigned its 'AA-' long-term rating to San Antonio's electric and gas systems' estimated $457 million series 2023A and $131 million series 2023B senior-lien revenue refunding bonds. At the same time, we assigned our 'A+' long-term rating to San Antonio's estimated $100 million series 2023 junior-lien variable-rate revenue refunding bonds, initially issued in term mode. Finally, we affirmed our 'AA-' senior-lien long-term rating and underlying rating, 'A+' junior-lien long-term rating, and 'A-1' short-term rating on San Antonio's electric and gas systems' revenue debt outstanding. The outlook is negative. The City Public Service Board of San Antonio (CPS Energy) manages and operates the city's electric and gas systems. CPS Energy's electric and gas systems' net revenue secures the senior-

...+ S&P Global Ratings assigned its '##-' long-term rating to San Antonio's electric and gas systems' estimated $457 million series 2023A and $131 million series 2023B senior-lien revenue refunding bonds. + At the same time, we assigned our 'A+' long-term rating to San Antonio's estimated $100 million series 2023 junior-lien variable-rate revenue refunding bonds, initially issued in term mode. + Finally, we affirmed our '##-' senior-lien long-term rating and underlying rating, 'A+' junior-lien long-term rating, and 'A-1' short-term rating on San Antonio's electric and gas systems' revenue debt outstanding. + The outlook is negative....

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