Standard&Poor's Ratings Services affirmed its 'A+' Standard&Poor's underlying rating (SPUR), and stable outlook, on San Antonio, Texas' subordinate-lien hotel occupancy tax revenue debt and prior-lien hotel occupancy tax revenue debt. The SPUR reflects: San Antonio's strong regional convention, business, and tourism base; Adequate legal provisions, including an additional bonds test that requires a 1.5x maximum annual debt service (MADS) coverage on existing and proposed debt and a closed lien on the prior-lien bonds; and Strong debt service coverage levels on both the prior- and subordinate-lien bonds. Credit risks associated with revenues derived from taxes on discretionary and potentially cyclical items, such as hotel rooms, preclude a higher rating. A prior-lien pledge of revenues from the city's
