...S&P Global Ratings assigned its '##' long-term rating and 'A-1+' short-term rating to the city of Houston's remarketed $125 million series 2012A first-lien revenue 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 on the long-term rating is stable. The CUS supports about $6 billion in first-lien utility revenue bonds. The 'A-1+' short-term component of the rating reflects the short-term rating on TD Bank N.A. (##-/Stable/A-1+), which is providing an enhancement for the bonds in the form of a standby bond purchase agreement (SBPA). The SBPA will cover principal and 34 days' interest at a maximum 15% annual rate for the purchase...
