S&P Global Ratings lowered its short-term rating on Houston, Texas' series A and B airport system senior-lien commercial paper (CP) notes to 'A-1' from 'A-1+'. The rating action reflects our opinion of the credit and liquidity support provided by Sumitomo Mitsui Banking Corp. in the form of an irrevocable direct-pay letter of credit (LOC), a change from liquidity support provided by Royal Bank of Canada. The issuer is authorized to issue up to $150 million of aggregate principal of series A and B CP notes. The aggregate amount of the CP notes cannot exceed the stated amount of the LOC, and amounts due on the notes' maturity date are to be fully funded with the amounts available under the LOC.
