Summary: San Antonio; CP; Combined Utility; Retail Electric

S&P Global Ratings lowered its long-term senior-lien rating to 'AA-' from 'AA', junior-lien rating to 'A+' from 'AA-', and short-term rating to 'A-1' from 'A-1+' on San Antonio, Texas' electric and gas systems. The ratings remain on CreditWatch with negative implications, where they were placed on Feb. 26. At the same time, S&P Global Ratings assigned its 'A+' junior-lien rating to San Antonio's electric and gas systems' series 2021A junior-lien revenue refunding bonds. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The rating action reflects the financial and operational effects of the severe winter weather event during the week of Feb. 14 on CPS Energy's creditworthiness. More particularly,

...S&P Global Ratings lowered its long-term senior-lien rating to '##-' from '##', junior-lien rating to 'A+' from '##-', and short-term rating to 'A-1' from 'A-1+' on San Antonio, Texas' electric and gas systems. The ratings remain on CreditWatch with negative implications, where they were placed on Feb. 26. At the same time, S&P Global Ratings assigned its 'A+' junior-lien rating to San Antonio's electric and gas systems' series 2021A junior-lien revenue refunding bonds. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The rating action reflects the financial and operational effects of the severe winter weather event during the week of Feb. 14 on CPS Energy's creditworthiness. More particularly, the downgrade is based our revision of the operational and management assessment (OMA) to strong from very strong to reflect a generation fleet that winter storm Uri showed to be exposed to operational risks related to extreme...

Summary