San Antonio CPS Energy; Combined Utility

S&P Global Ratings assigned its 'AA' long-term rating to San Antonio, Texas' electric and gas systems' new $150 million series 2018A revenue refunding bonds. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating to the electric and gas systems' $135 million series 2018 variable-rate junior-lien revenue refunding bonds outstanding. The difference in the ratings reflects the lien status. The ratings reflect our opinion of the general creditworthiness of the systems (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]). The outlook on the ratings is stable. Officials plan to use series 2018A revenue refunding bond proceeds to refund and convert a portion of the systems' commercial paper (CP) notes to fixed-rate debt, and to use

...S&P Global Ratings assigned its '##' long-term rating to San Antonio, Texas' electric and gas systems' new $150 million series 2018A revenue refunding bonds. At the same time, S&P Global Ratings assigned its '##-' long-term rating to the electric and gas systems' $135 million series 2018 variable-rate junior-lien revenue refunding bonds outstanding. The difference in the ratings reflects the lien status. The ratings reflect our opinion of the general creditworthiness of the systems (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]). The outlook on the ratings is stable. Officials plan to use series 2018A revenue refunding bond proceeds to refund and convert a portion of the systems' commercial paper (CP) notes to fixed-rate debt, and to use series 2018 revenue refunding bonds to refund and convert the systems' remaining CP notes to long-term variable-rate debt. The utility's series 2018 variable-rate junior-lien revenue refunding bonds will be issued in term mode without a...

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