...November 2, 2022 NEW YORK (S&P Global Ratings) Nov. 2, 2022--S&P Global Ratings assigned its 'A+' long-term rating to San Antonio, Texas' electric and gas systems' $134 million series 2018 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. We have maintained our negative outlook reflecting the utility's rising delinquent account balances trend and the need for more regular base-rate increases as potentially limiting its financial flexibility. Although the utility has capacity to exhibit financial resilience given healthy coverage and liquidity levels, its rate affordability pressures could worsen, as evidenced by increased delinquent account balances that could frustrate its projected rate increase plans. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric...
