...S&P Global Ratings assigned its '##-' long-term rating to San Antonio, Texas' electric and gas systems' $421 million series 2022 taxable revenue refunding bonds, and $108 million series 2022 tax-exempt revenue refunding bonds. At the same time, we affirmed our '##-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio's electric and gas systems revenue debt. The outlook is negative. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The negative outlook reflects our view that the utility's rate affordability could weaken as it considers raising base rates on a more regular basis on a customer base where approximately 22% of residential customer balances are past due. Although the utility has capacity to exhibit financial resilience to provide continued strong support for future financial obligations, we could lower our rating if higher retail rates that will help discharge financial obligations...
