...December 21, 2021 SAN FRANCISCO (S&P Global Ratings) Dec. 21, 2021--S&P Global Ratings assigned its '##' rating to the San Antonio, Texas, water system's (San Antonio Water System, or SAWS) $77.4 million series 2022A junior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the system's $280.6 million senior-lien revenue bonds, and its '##' rating on the system's $2.6 billion parity junior-lien revenue bonds. The outlook, where applicable, is stable. Bond proceeds will be used to refund a portion of the series 2012A bonds outstanding to provide debt service savings. "The rating reflects our view of such factors as SAWS' generally affordable rates, very strong reserve position, extremely strong historical all-in debt service coverage, and strong financial management practices," said S&P Global Ratings credit analyst Chloe Weil. The stable outlook reflects our expectation that the city council's willingness to adjust rates as it deems necessary to maintain...
