...Standard & Poor's Ratings Services affirmed its 'A-1+' rating on Houston's series B-1 commercial paper (CP) program. The rating is based on the long-term underlying rating of the city's combined utility system (CUS). We maintain a '##' rating on its working lien and affirmed it on Dec. 14, 2015. The outlook on the long-term debt is stable. Liquidity support for the series B-1 notes is provided through Jan. 1, 2019, by way of a revolving credit agreement (RCA) with Bank of America N.A., which replaces an RCA with JPMorgan Chase Bank N.A. We understand that the new agreement would support up to $100 million in principal and 270 days of interest at up to 10%. Barclays Capital LLC, Citigroup Global Markets Inc. and JP Morgan Securities LLC will act as co-dealers. U.S. Bank N.A. is the issuing and paying agent. The notes hold a third-lien position in CUS' net revenues. The system has roughly $5.9 billion in total outstanding first-lien revenue bonds and $120 million in CP notes, as well as roughly...
