Summary: San Antonio; CP; Water/Sewer

S&P Global Ratings assigned its 'AA' rating to San Antonio's series 2017A water system junior-lien revenue refunding bonds We also affirmed the 'AA' rating on the system's approximately $1.75 billion in outstanding junior-lien bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the system's senior-lien bonds, and its 'A-1+' rating on the system's commercial paper (CP) programs. The CP rating is based on the long-term rating of the city's waterworks and sanitary sewer utility, which does business as San Antonio Water System, or SAWS. The revolving credit agreements currently supporting the CP programs are in force through 2018. The outlook on all long-term ratings is stable. Our opinion of SAWS' general creditworthiness is based on its

...S&P Global Ratings assigned its '##' rating to San Antonio's series 2017A water system junior-lien revenue refunding bonds We also affirmed the '##' rating on the system's approximately $1.75 billion in outstanding junior-lien bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the system's senior-lien bonds, and its 'A-1+' rating on the system's commercial paper (CP) programs. The CP rating is based on the long-term rating of the city's waterworks and sanitary sewer utility, which does business as San Antonio Water System, or SAWS. The revolving credit agreements currently supporting the CP programs are in force through 2018. The outlook on all long-term ratings is stable. Our opinion of SAWS' general creditworthiness is based on its extremely strong enterprise risk profile and very strong financial risk profile. We have applied our primary utility revenue bond criteria to determine the system's general creditworthiness and have applied this rating to the senior-lien...

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