S&P Global Ratings lowered its short-term rating on the City of Houston, Texas' combined utility system first-lien revenue refunding bonds, series 2004 B-4, to 'A-1' from 'A-1+', based on change in the liquidity facility provider to JPMorgan Chase Bank, N.A. in the form of a standby bond purchase agreement (SBPA). The outlook on the long-term component is stable. The series 2004 B-4 bonds are being issued as variable-rate demand obligations and will receive enhancement in the form of a SBPA from JPMorgan Chase Bank, N.A. The 'AA' long-term component of the rating continues to reflect the City of Houston's combined utility system credit characteristics. The 'A-1' short-term component of the rating reflects the liquidity facility in the form of an
