Standard&Poor's Ratings Services affirmed its 'AA' Standard&Poor's underlying rating (SPUR), and stable outlook, on San Antonio Municipal Facility Corp., Texas' lease-revenue debt, supported by San Antonio, Texas. The SPUR reflects: The general creditworthiness of San Antonio ('AA+' GO debt rating), The lease payments to be made from the city's annual appropriation, A stable and diversified economic base, and The project's strong essentiality. Ongoing lease payments by the city to the municipal facilities corp., a not-for-profit corporation, secure the bonds. A debt service reserve funded at half average annual debt service on the bonds provides further bond security. Lease payments are made based on the city's annual appropriation from legally available general fund revenues as an ongoing
