Summary: Austin, Texas; CP; Water/Sewer

S&P Global Ratings assigned its 'A-1+' short-term ratings to Austin, Texas' combined utility systems' $400 million tax-exempt and $75 million taxable commercial paper (CP) program notes. The new CP programs, effective Oct. 10, 2017, will replace the series A tax-exempt direct-pay letter of credit (LOC) CP program supported by Bank of Tokyo-Mitsubishi UFJ Ltd. and the taxable direct-pay LOC CP program supported by Citigroup. The city has given notice that it will not be extending either LOC-backed program. The CP ratings are based on our criteria, "Methodology For Linking Long-Term And Short-Term Ratings", published April 7, 2017. The CP programs will be used as interim funding for identified and approved projects for the city-owned electric system, doing business as Austin

...S&P Global Ratings assigned its 'A-1+' short-term ratings to Austin, Texas' combined utility systems' $400 million tax-exempt and $75 million taxable commercial paper (CP) program notes. The new CP programs, effective Oct. 10, 2017, will replace the series A tax-exempt direct-pay letter of credit (LOC) CP program supported by Bank of Tokyo-Mitsubishi UFJ Ltd. and the taxable direct-pay LOC CP program supported by Citigroup. The city has given notice that it will not be extending either LOC-backed program. The CP ratings are based on our criteria, "Methodology For Linking Long-Term And Short-Term Ratings", published April 7, 2017. The CP programs will be used as interim funding for identified and approved projects for the city-owned electric system, doing business as Austin Energy (##/Stable), and the city-owned waterworks and sanitary sewer system, doing business as Austin Water Utility (##/Stable). Prior to 2002, the utilities operated as a single entity with debt secured by the net revenues...

Summary