S&P Global Ratings assigned its 'AA' rating to Austin, Texas' $295 million series 2022 water and wastewater system revenue refunding bonds, and $196 million series 2023 water and wastewater system revenue refunding bonds. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's existing water and wastewater system revenue debt. In addition, we affirmed our 'A-1+' short-term rating on the city's combined utility systems' $400 million tax-exempt commercial paper (CP) program notes and $100 million taxable CP program. The outlook, where applicable, is stable. Net revenues of the water and wastewater system secure the bonds. We view the bond provisions as credit neutral. The city will use the bond proceeds to convert about
