S&P Global Ratings assigned its 'AA-' long-term rating to Austin, Texas' electric utility system's $440 million series 2023 electric utility system revenue refunding and improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Austin's electric utility 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 electric revenue bonds. Austin Energy plans to use series 2023 bond proceeds to refund its series 2012A bonds, refund $189.6 million in tax-exempt commercial paper (CP) notes, and fund a new service and operations center. Austin Energy had $2.1 billion in total debt outstanding as of Sept. 30, 2022. The electric net revenue
