San Antonio, TX's $500 Million Electric And Gas System CP Notes Assigned 'A-1' Rating

AUSTIN (S&P Global Ratings) July 24, 2023--S&P Global Ratings assigned its 'A-1' short-term rating to San Antonio, Texas' proposed $500 million electric and gas systems' new series commercial paper (CP) notes, consisting of $200 million new subseries A-1, $150 million new series B, and $150 million new series C (all subseries tax-exempt and taxable). The rating reflects our 'A+' junior-lien long-term rating on the City Public Service Board of San Antonio. The CP proceeds will fund ongoing capital improvements, provide working capital for fuel costs, refund notes outstanding at maturity, and redeem other obligations of the systems secured by net revenue of the systems.

...July 24, 2023 AUSTIN (S&P Global Ratings) July 24, 2023--S&P Global Ratings assigned its 'A-1' short-term rating to San Antonio, Texas' proposed $500 million electric and gas systems' new series commercial paper (CP) notes, consisting of $200 million new subseries A-1, $150 million new series B, and $150 million new series C (all subseries tax-exempt and taxable). The rating reflects our 'A+' junior-lien long-term rating on the City Public Service Board of San Antonio. The CP proceeds will fund ongoing capital improvements, provide working capital for fuel costs, refund notes outstanding at maturity, and redeem other obligations of the systems secured by net revenue of the systems....

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