Standard&Poor's Ratings Services has assigned its 'AA' rating to San Antonio, Texas' series 2009A and 2009B water system revenue bonds, secured by a pledge of net revenues of the water system. In addition, Standard&Poor's has affirmed its ratings on the system's bonds outstanding. The ratings reflect what we view as: The broad, diversified, and growing 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 sewer rates, providing flexibility regarding the development of new long-term water resources. In our view, factors that continue to limit the rating
