S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on Austin, Texas' existing water and wastewater system revenue debt. In addition, we affirmed our 'A-1+' short-term rating on the city's combined utility system's $400 million tax-exempt commercial paper (CP) program notes and $100 million taxable CP program notes. The outlook, where applicable, is stable. AW had approximately $2.4 billion in separate-lien, parity debt outstanding as of Sept. 30, 2022. There also remains about $50 million in previous subordinate-lien combined utility system debt with Austin Energy, which matures in 2025 and is closed to new issuance. Net revenues of the water and wastewater system secure the revenue bonds. The CP is backed by a combined pledge of water,
