...DALLAS (S&P Global Ratings) Sept. 26, 2016--S&P Global Ratings assigned its '##' rating to San Antonio, Texas' series 2016C water system junior-lien revenue and refunding bonds. At the same time, we assigned our '##' rating to the city's series 2016D and 2016E junior-lien revenue bonds that we understand are being privately placed with the Texas Water Development Board as part of the state's drinking and clean water state revolving fund programs, respectively. The rating outlook is stable. We also affirmed the '##' rating, with a stable outlook, on the system's approximately $1.75 billion in outstanding junior-lien bonds, including the series 2013F variable-rate junior-lien bonds, which are being remarketed on their Nov. 1, 2016, mandatory tender date. We understand the 2013F bonds, which have a soft put and a maximum interest rate of 8%, will most likely be converted to term mode from their current SIFMA Index mode. The utility does business as San Antonio Water System, or SAWS. At the...
