SAN FRANCISCO (S&P Global Ratings) July 13, 2020--S&P Global Ratings assigned its 'AA' rating to San Antonio, Texas' (San Antonio Water System or SAWS) series 2020C junior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the SAWS's outstanding senior-lien revenue bonds, its 'AA' rating on the agency's parity junior-lien revenue bonds, and its 'A-1+' rating on the system's commercial paper (CP) program. The outlook is stable. "The rating reflects our opinion of the water system's general creditworthiness and a combination of its very strong enterprise risk profile and extremely strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil. "The enterprise risk profile we consider very strong even as we assessed the
