...May 5, 2023 AUSTIN (S&P Global Ratings) May 5, 2023--S&P Global Ratings assigned its '##-' long-term rating to San Antonio's electric and gas systems' estimated $457 million series 2023A and $131 million series 2023B senior-lien revenue refunding bonds. At the same time, we assigned our 'A+' long-term rating to San Antonio's estimated $100 million series 2023 junior-lien variable-rate revenue refunding bonds, initially issued in term mode. Finally, we affirmed our '##-' long-term rating and underlying rating (SPUR), 'A+' junior-lien long-term rating, and 'A-1' short-term rating on San Antonio's electric and gas systems' revenue debt outstanding. The outlook is negative. The senior-lien series 2023A bonds are being issued to refund commercial paper (CP) outstanding, while the senior-lien series 2023B bonds represent a tender of previously issued taxable bonds, whereby, based on the amount of bonds outstanding that bondholders agree to tender (estimated at 20% of a potential $800 million...
