...S&P Global Ratings affirmed its '##' senior-lien rating on San Antonio, Texas' electric and gas systems' senior-lien parity debt. At the same time, we affirmed our '##-' junior-lien rating on the electric and gas systems' junior-lien bonds outstanding. The ratings reflect our opinion of the general creditworthiness of the systems (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]). The outlook on all the ratings is stable. We applied our primary criteria to determine CPS Energy's general creditworthiness (issuer credit rating [ICR]) and assigned our rating to the senior-lien issues, as well as maintained a one-notch rating distinction on the junior-lien debt based on the application of our criteria, "Assigning Issue Credit Ratings of Operating Entities" (published May 20, 2015, on RatingsDirect). CPS Energy had $5.5 billion in total debt at the end of fiscal 2018, including $3.7 billion in parity senior-lien bonds outstanding and $1.8 billion in junior-lien system revenue bonds....
