Standard&Poor's Ratings Services assigned its 'AAA' long-term rating to San Antonio, Texas' series 2010A general improvement bonds, taxable series 2010B general improvement bonds (direct subsidy- Build America Bonds), series 2010 combination tax and revenue certificates of obligation, and series 2010A tax notes. In addition, Standard&Poor's affirmed its 'AAA' long-term and underlying rating (SPUR) on the city's outstanding general obligation (GO) debt. The outlook on all ratings is stable. The ratings reflect our view of the city's: Deep and increasingly diverse economy, which has allowed management to successfully manage the city's operations through previous economic cycles; Strong financial management policies, which include a comprehensive long-term financial and capital program; Very strong financial performance and position; and Moderately
