...July 29, 2021 FARMERS BRANCH (S&P Global Ratings) July 29, 2021--S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' estimated $128.55 million series 2021 general improvement bonds, $41.99 million series 2021 combination tax and revenue certificates of obligation, $22.89 million taxable series 2021-A combination tax and revenue certificates of obligation, and $36.69 million series 2021 tax notes. The outlook is stable. San Antonio's GO bonds are eligible to be rated above the sovereign, because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions," published Nov. 19, 2013, the city has a predominantly locally derived revenue base (with 67% of general fund revenue derived from local taxes) and independent taxing authority, and we believe that pledged revenue supporting debt service on the bonds has a limited...
