...DALLAS (Standard & Poor's) Jan. 26, 2016--Standard & Poor's Ratings Services assigned its '##' rating to San Antonio, Texas' series 2016A and 2016B taxable junior-lien revenue refunding bonds. At the same time, Standard & Poor's affirmed its '##+' rating on the system's senior-lien bonds and its '##' rating on the system's junior-lien bonds. The outlook is stable. Standard & Poor's also affirmed its 'A-1+' rating on the system's commercial paper (CP) programs. The current revolving credit agreements are in force until 2018. We have applied the primary criteria to determine the entity's general creditworthiness and have applied this rating to the senior-lien issues, and also assigned a rating that is one notch lower to the subordinate-lien issues. After the refunding, the system, which does business as San Antonio Water System, or SAWS, will have approximately $1.2 billion of senior-lien revenue bonds, $1.5 billion of junior-lien bonds (inclusive of these issues), and $224 million of subordinate-lien...
