NEW YORK (Standard&Poor's) May 11, 2012--Standard&Poor's Ratings Services has assigned its 'AA' rating to the City of San Antonio, Texas' $655.4 million electric and gas systems revenue refunding bonds, series 2012. At the same time, Standard&Poor's affirmed its 'AA' rating on senior-lien parity debt, its 'AA-' rating on the junior-lien bonds, and the 'A-1+' commercial paper rating on the utility. The outlook is stable. The ratings reflect what we view as several strengths of San Antonio's electric and gas utility, known as CPS Energy. "In our opinion, those strengths include a strong, growing economy that the utility serves, very competitive electricity rates, diverse-fuel generating capacity; strong financial metrics, and good management," said Standard&
