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

S&P Global Ratings' 'AA-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio, Texas' electric and gas systems revenue debt remain on CreditWatch, where they had been placed with negative implications on March 10, 2021. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The 'A-1' ratings on the electric and gas systems' commercial paper (CP) series A ($400 million; tax-exempt and taxable), series B ($200 million; tax-exempt and taxable), and series C ($100 million; tax-exempt and taxable) are based on our junior-lien long-term rating on CPS Energy. The ratings remain on CreditWatch with negative implications to reflect the potential for a further downgrade of likely

...S&P Global Ratings' '##-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio, Texas' electric and gas systems revenue debt remain on CreditWatch, where they had been placed with negative implications on March 10, 2021. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The 'A-1' ratings on the electric and gas systems' commercial paper (CP) series A ($400 million; tax-exempt and taxable), series B ($200 million; tax-exempt and taxable), and series C ($100 million; tax-exempt and taxable) are based on our junior-lien long-term rating on CPS Energy. The ratings remain on CreditWatch with negative implications to reflect the potential for a further downgrade of likely one notch based on our view of the financial effects of the severe winter weather event during the week of Feb. 14 on CPS Energy's credit worthiness. In particular, CPS Energy launched lawsuits against 17 natural gas suppliers...

Summary