San Antonio, TX $266.6 Million Water System Fixed Rate Junior Lien Revenue Bonds Assigned 'AA+' Rating

SAN FRANCISCO (S&P Global Ratings) Aug. 23, 2024--S&P Global Ratings assigned its 'AA+' long-term rating to the San Antonio, Texas' water system's (San Antonio Water System, or SAWS) approximately $266.6 million series 2024B fixed rate junior lien revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the water system's outstanding revenue bonds and its 'A-1+' short-term rating on the system's series A-1 and series B commercial paper (CP) notes. The outlook, where applicable, is stable. "The rating reflects our view of SAWS' sound historical financial performance, competitive rate structure, and very strong management practices, all of which we believe helps mitigate the effects of drought, economic cyclicality, and capital spending on system operations," said S&P

...August 23, 2024 SAN FRANCISCO (S&P Global Ratings) Aug. 23, 2024--S&P Global Ratings assigned its '##+' long-term rating to the San Antonio, Texas' water system's (San Antonio Water System, or SAWS) approximately $266.6 million series 2024B fixed rate junior lien revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the water system's outstanding revenue bonds and its 'A-1+' short-term rating on the system's series A-1 and series B commercial paper (CP) notes. The outlook, where applicable, is stable. "The rating reflects our view of SAWS' sound historical financial performance, competitive rate structure, and very strong management practices, all of which we believe helps mitigate the effects of drought, economic cyclicality, and capital spending on system operations," said S&P Global Ratings credit analyst Chloe Weil. Bond proceeds are being used to generate approximately $301 million in proceeds for capital projects. San Antonio (population: 1.6 million) is...

Ratings Action