April 29, 2025 2025-XX1392 San Antonio, Texas' series 2023A electric-and-gas-systems revenue refunding bonds Barclays Bank PLC Barclays Capital Inc. Barclays Capital Inc. Daily S&P Global Ratings assigned the above-mentioned ratings to the floater certificates, reflecting its opinion of the likelihood the trust will have sufficient assets to pay timely interest and full principal when due on the certificates. Trust assets include all distributions of principal; interest; and premiums, if any, from the underlying securities and liquidity facility, which is in place to support tender payments on the floaters. The long-term component of our rating on the floaters reflects the ratings on the underlying securities and addresses full and timely interest-and-principal payments when certificateholders have not exercised the put option. The
