...September 12, 2022 SAN FRANCISCO (S&P Global Ratings) Sept. 12, 2022--S&P Global Ratings raised its rating to '##+' from '##' on the San Antonio, Texas, water system's (San Antonio Water System, or SAWS) existing junior-lien revenue bonds. At the same time, S&P Global Ratings assigned its '##+' rating to SAWS's anticipated $245.1 million series 2022B junior lien revenue bonds and $98.3 million series 2014B variable rate junior lien revenue and refunding bonds in advance of their remarketing and conversion to a new interest rate period on Nov. 1, 2022, and affirmed its '##+' rating on the system's outstanding senior lien revenue bonds and its 'A-1+' short-term rating on the system's series A, B, and C commercial paper notes. "We equalized the ratings on the senior and junior liens because less than 3.5% of SAWS' total debt remains on the senior lien and we no longer believe junior lien bondholders are materially disadvantaged relative to senior lien bondholders given the de minimis amount...
