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

S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on San Antonio, Texas' electric and gas systems' (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]) senior-lien debt and affirmed its 'AA-' long-term rating on the electric and gas systems' junior-lien debt outstanding. The difference in the ratings reflects the lien status. The outlook on the ratings is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018, on RatingsDirect). S&P Global Ratings also affirmed its 'A-1+' ratings on the electric and gas systems' series A ($400 million) tax-exempt, B ($200 million) tax-exempt, and C ($100 million) tax-exempt commercial paper (CP) notes.

...S&P Global Ratings affirmed its '##' long-term rating and underlying rating (SPUR) on San Antonio, Texas' electric and gas systems' (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]) senior-lien debt and affirmed its '##-' long-term rating on the electric and gas systems' junior-lien debt outstanding. The difference in the ratings reflects the lien status. The outlook on the ratings is stable. The rating reflects the application of our "U.S. Municipal Retail Electric And Gas Utilities: Methodology And Assumptions" criteria (published Sept. 27, 2018, on RatingsDirect). S&P Global Ratings also affirmed its 'A-1+' ratings on the electric and gas systems' series A ($400 million) tax-exempt, B ($200 million) tax-exempt, and C ($100 million) tax-exempt commercial paper (CP) notes. The CP ratings are based on the long-term rating on CPS Energy. The CP notes will be used as interim funding for identified and approved capital projects to the systems, provide working capital for fuel...

Summary