Summary: Houston; Joint Criteria

S&P Global Ratings affirmed its 'AA+/A-1' long- and short-term ratings on Houston's series 2004B-2 combined utility system first-lien variable-rate demand bonds. This action reflects a new direct-pay letter of credit (LOC) from Sumitomo Mitsui Banking Corp., acting through its New York branch, that replaces an LOC provided by Citibank N.A., effective March 31, 2022. The long-term component of the rating reflects our view of the joint support provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, and the city's credit characteristics at a low correlation. The short-term component of the rating solely reflects our assessment of Sumitomo Mitsui Banking Corp., acting through its New York branch., as the new LOC provider. Pursuant to transaction documents, the trustee

...S&P Global Ratings affirmed its '##+/A-1' long- and short-term ratings on Houston's series 2004B-2 combined utility system first-lien variable-rate demand bonds. This action reflects a new direct-pay letter of credit (LOC) from Sumitomo Mitsui Banking Corp., acting through its New York branch, that replaces an LOC provided by Citibank N.A., effective March 31, 2022. The long-term component of the rating reflects our view of the joint support provided by Sumitomo Mitsui Banking Corp., acting through its New York branch, and the city's credit characteristics at a low correlation. The short-term component of the rating solely reflects our assessment of Sumitomo Mitsui Banking Corp., acting through its New York branch., as the new LOC provider. Pursuant to transaction documents, the trustee is instructed to first make principal-and-interest payments from amounts drawn on the LOC and next from funds deposited by the issuer if there is a shortfall. The new LOC covers principal and 50 days' interest...

Summary