Summary: Houston; Water/Sewer

S&P Global Ratings assigned its 'AA/A-1' rating to the City of Houston Combined Utility System (CUS), Texas' first-lien revenue refunding bonds series 2004 B-5. The outlook is stable. The long-term component and the stable outlook both reflect our view of CUS. The short-term component of the ratings reflects our assessment of the SBPA provided by UBS AG acting through its Stamford Branch. SBPA has an effective date of March 31, 2022, and provides principal coverage and 34 days' interest at a maximum annual rate of 15% for the purchase price of bonds not successfully remarketed. The SBPAs provide bond coverage during the weekly rate mode (the covered rate). The anticipated expiration date of the SBPA is March 28, 2025, at

...S&P Global Ratings assigned its '##/A-1' rating to the City of Houston Combined Utility System (CUS), Texas' first-lien revenue refunding bonds series 2004 B-5. The outlook is stable. The long-term component and the stable outlook both reflect our view of CUS. The short-term component of the ratings reflects our assessment of the SBPA provided by UBS AG acting through its Stamford Branch. SBPA has an effective date of March 31, 2022, and provides principal coverage and 34 days' interest at a maximum annual rate of 15% for the purchase price of bonds not successfully remarketed. The SBPAs provide bond coverage during the weekly rate mode (the covered rate). The anticipated expiration date of the SBPA is March 28, 2025, at which time we will remove the short-term component of the rating unless the SBPA is either extended, replaced, or terminated beforehand according to its terms. The SBPA provider's obligation to purchase tendered bonds will automatically terminate should certain events of...

Summary