S&P Global Ratings assigned its 'A+' long-term rating to San Antonio, Texas' electric and gas systems' $134 million series 2018 variable-rate junior-lien revenue refunding bonds. S&P Global Ratings also affirmed its 'AA-' 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. CPS Energy's electric and gas systems' net revenue pledge secures the senior- and junior-lien revenue debt. The lower junior-lien rating reflects the debt's subordinate status. CPS Energy had $6.6 billion in total debt as of fiscal year ended Jan. 31, 2022, and as of Oct. 31,
