...S&P Global Ratings assigned its '##' long-term rating to the city of Houston's series 2019B first-lien revenue refunding bonds, series 2019C taxable first-lien revenue refunding bonds, and series 2020A first-lien revenue refunding bonds, issued for the city's combined waterworks and sanitary sewer utility system (CUS). At the same time, S&P Global Ratings affirmed its '##' rating on the system's first-lien revenue bonds outstanding, and its '##+' rating on the system's previous ordinance bonds. The ratings reflect, in our opinion, the combination of an extremely strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. S&P Global Ratings also affirmed its 'A-1+' short-term rating on the utility system's revolving credit agreement-backed commercial paper (CP) notes. The short-term rating is based on the application of our "Methodology For Linking Long-Term And Short-Term Ratings" criteria, published April 7, 2017. The enterprise risk profile assessment...
