S&P Global Ratings affirmed its 'A-1' rating on the City of Houston, Texas's US$75 million combined utility system commercial paper (CP) program series B-3. This action reflects the replacement of the letter of credit (LOC) that Bank of Tokyo-Mitsubishi UFJ Ltd. ('A/A-1') had provided with a new LOC from Sumitomo Mitsui Banking Corp. acting through its NY branch ('A/A-1'). The LOC is scheduled to expire on Jan. 15, 2021 and covers all principal and interest at the maximum 10% rate for 270 days. The issuing and paying agent, U.S. Bank Trust N.A., is instructed not to issue notes with a maturity in excess of 270 days, beyond the day prior to the LOC expiration date, if the issuance would exceed
