SAN FRANCISCO (S&P Global Ratings) July 19, 2023--S&P Global Ratings assigned its 'AA+' long-term rating to the San Antonio, Texas' water system's (San Antonio Water System, or SAWS) anticipated $289 million series 2023A 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, B, and C commercial paper (CP) notes. The outlook, where applicable, is stable. "SAWS' credit quality is underpinned by its sound historical financial performance, competitive rate structure, and very strong management practices, all of which we believe help mitigate the effects of drought, economic cyclicality, and capital spending on system operations," said S&P Global Ratings credit analyst
