...April 4, 2025 AUSTIN (S&P Global Ratings) April 4, 2025--S&P Global Ratings raised its short-term rating to 'A-1+' from 'A-1' on San Antonio, Texas electric and gas systems' (City Public Service Board of San Antonio or CPS Energy) existing commercial paper (CP) notes. In addition, we assigned our 'A-1+' short-term rating to CPS Energy's proposed $150 million electric and gas systems' extendible municipal commercial paper (EMCP) notes, series A (tax-exempt and taxable). At the same time, we affirmed our '##-' senior-lien long-term rating and underlying rating (SPUR) and 'A+' junior-lien long-term rating on San Antonio's electric and gas systems' bonds outstanding. The outlook, where applicable, is stable. "The raised short-term rating reflects CPS Energy's recent track record of using senior-lien long-term debt (rated '##-/Stable') rather than junior-lien debt (rated 'A+/Stable') to refinance maturing CP and its intention to continue this practice, despite having the authority to refinance...
