...S&P Global Ratings assigned its '##' rating to Austin, Texas' $213.08 million series 2021 water and wastewater system revenue refunding bonds. We also affirmed our '##' long-term rating and underlying rating (SPUR) on the city's existing water and wastewater system revenue debt. The outlook is stable. The city will use bond proceeds to convert about $102 million of outstanding commercial paper notes to long-term debt, as well as to refund about $172.6 million of outstanding series 2011 revenue bonds. At the same time, we have affirmed the 'A-1+' short-term rating on Austin, Texas' combined utility systems' $400 million tax-exempt commercial paper (CP) program notes. In 2020, the revolving credit agreement (RCA) with JPMorgan Chase Bank N.A. that supports the tax-exempt notes, was extended to Sept. 30, 2022. 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...
