S&P Global Ratings assigned its 'AA-' long-term rating to San Antonio's electric and gas systems' estimated $280.7 million series 2023C revenue refunding bonds. At the same time, we affirmed our 'AA-' senior-lien long-term rating and underlying rating (SPUR) and our 'A+' junior-lien long-term rating on the city's electric and gas systems' revenue bonds outstanding. Finally, we affirmed our 'A-1' short-term rating on San Antonio's electric and gas systems' revenue debt outstanding, including our recently assigned 'A-1' short-term rating on San Antonio's $150 million new series C commercial paper (CP) notes, with PNC Bank N.A providing liquidity support under the revolving credit agreement (covering principal on the notes only). The outlook, where applicable, is negative. The City Public Service Board of
