San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable - S&P Global Ratings’ Credit Research

San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable

San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable - S&P Global Ratings’ Credit Research
San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable
Published Dec 17, 2024
3 pages (1357 words) — Published Dec 17, 2024
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

AUSTIN (S&P Global Ratings) Dec. 17, 2024--S&P Global Ratings assigned its 'AA+' long-term rating to San Antonio, Texas' water system's (San Antonio Water System, or SAWS) approximately $214.2 million series 2025A fixed-rate junior-lien revenue bonds. The outlook is stable. Bond proceeds are being used to refund various debt outstanding for debt service savings. We consider both senior- and junior-lien bond provisions to be lenient, with a senior-lien rate covenant of 1.25x annual debt service, including amounts on deposit in any designated reserves or contingency funds, and a 1.00x rate covenant on its junior-lien obligations. While we consider the bond provisions to be permissive, we recognize that SAWS, by practice, produces coverage that is well above covenant minimums, further bolstered by

  
Brief Excerpt:

...Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such...

  
Report Type:

Ratings Action

Ticker
2870Z
Issuer
San Antonio
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable" Dec 17, 2024. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/San-Antonio-TX-Series-2025A-Junior-Lien-Water-System-Revenue-Bonds-Rated-AA-Outlook-Is-Stable-3300891>
  
APA:
S&P Global Ratings’ Credit Research. (). San Antonio, TX Series 2025A Junior-Lien Water System Revenue Bonds Rated ?AA+?; Outlook Is Stable Dec 17, 2024. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/San-Antonio-TX-Series-2025A-Junior-Lien-Water-System-Revenue-Bonds-Rated-AA-Outlook-Is-Stable-3300891>
  
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