Standard&Poor's Ratings Services has assigned its 'AA' rating, with a stable outlook, to San Antonio, Texas' series 2012 water system revenue refunding bonds. Additionally, Standard&Poor's has affirmed its 'AA' senior-lien and 'AA-' junior-lien ratings on the system's bonds outstanding. Standard&Poor's has also affirmed its 'A-1+' rating on San Antonio's series A water system commercial paper (CP) notes based on the water system's strong general creditworthiness. The ratings reflect our assessment of: The broad and diversified service area that encompasses most of the city of San Antonio ('AAA' GO rating), Management's ability to maintain good coverage levels and strong liquidity, coupled with the development of a long-range capital and financial plan, and Competitive water and
