Summary: Austin, Texas; Retail Electric

S&P Global Ratings assigned its 'AA' long-term rating to Austin, Texas' parity electric utility system series 2020A revenue refunding and improvement bonds and series 2020B taxable revenue refunding bonds. At the same time, S&P Global Ratings affirmed its 'AA' underlying rating (SPUR) on the city's parity electric system (d/b/a Austin Energy) revenue debt. The outlook is stable. A pledge of the electric system's net revenues secures the system's series 2020A and 2020B revenue bonds. These bonds are subordinate to prior subordinate-lien combined utility system bonds (which water, sewer, and electric system revenues secure). The prior subordinate-lien bonds are closed to new issuance. As of Sept. 30, 2020, $78 million in prior subordinate-lien bonds were outstanding and all prior first-lien obligations

...S&P Global Ratings assigned its '##' long-term rating to Austin, Texas' parity electric utility system series 2020A revenue refunding and improvement bonds and series 2020B taxable revenue refunding bonds. At the same time, S&P Global Ratings affirmed its '##' underlying rating (SPUR) on the city's parity electric system (d/b/a Austin Energy) revenue debt. The outlook is stable. A pledge of the electric system's net revenues secures the system's series 2020A and 2020B revenue bonds. These bonds are subordinate to prior subordinate-lien combined utility system bonds (which water, sewer, and electric system revenues secure). The prior subordinate-lien bonds are closed to new issuance. As of Sept. 30, 2020, $78 million in prior subordinate-lien bonds were outstanding and all prior first-lien obligations were retired. The city will issue all future electric system debt under the parity electric utility obligations lien. Officials plan to use series 2020A and 2020B bond proceeds to refund outstanding...

Summary