S&P Global Ratings assigned its 'AA-' long-term rating to Austin, Texas' $240 million series 2024 electric utility system (d/b/a Austin Energy) revenue refunding bonds. The outlook is stable. A pledge of the electric system's net revenue secures the system's electric revenue bonds. Management plans to use series 2024 bond proceeds to refund the city's outstanding tax-exempt commercial paper (CP) obligations issued for the electric system. Austin Energy had $2.2 billion in total debt outstanding as of Sept. 30, 2023. The electric net revenue pledge is on parity with the electric system's net revenue pledge that supports prior subordinate-lien combined utility system bonds (which water, sewer, and electric system revenue secures). As of Sept. 30, 2023, $32 million in prior subordinate-lien
