Summary: Austin, Texas; CP; Water/Sewer

S&P Global Ratings affirmed its 'A-1+' short-term rating on Austin, Texas' combined utility systems' $400 million tax-exempt commercial paper (CP) program notes. The revolving credit agreement (RCA) with JPMorgan Chase Bank N.A. that supports the tax-exempt notes is being extended to Oct. 7, 2022, from Oct. 9, 2020. The tax-exempt RCA provides liquidity support in the amount of $429.6 million, enough to support the not-to-exceed $400 million program plus interest expenses equivalent to 270 days at 10%. In addition, we affirmed our 'A-1+' short-term rating on the city's combined utility system's $100 million taxable CP program. That program will be supported by a new RCA with Barclays Bank PLC, through Oct. 7, 2022. The taxable RCA will provide liquidity support

...S&P Global Ratings affirmed its 'A-1+' short-term rating on Austin, Texas' combined utility systems' $400 million tax-exempt commercial paper (CP) program notes. The revolving credit agreement (RCA) with JPMorgan Chase Bank N.A. that supports the tax-exempt notes is being extended to Oct. 7, 2022, from Oct. 9, 2020. The tax-exempt RCA provides liquidity support in the amount of $429.6 million, enough to support the not-to-exceed $400 million program plus interest expenses equivalent to 270 days at 10%. In addition, we affirmed our 'A-1+' short-term rating on the city's combined utility system's $100 million taxable CP program. That program will be supported by a new RCA with Barclays Bank PLC, through Oct. 7, 2022. The taxable RCA will provide liquidity support in the amount of $107.4 million, enough to support the not-to-exceed $100 million program plus interest expenses equivalent to 270 days at 10%. We also affirmed our '##' long-term rating on the city-owned waterworks and sanitary...

Summary