Summary: San Antonio; Combined Utility

S&P Global Ratings assigned its 'A+' long-term rating to San Antonio, Texas' electric and gas systems' series 2015B variable-rate junior-lien revenue refunding bonds. 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 the continued uncertainty associated with many factors facing utilities throughout the state, related to the potential financial and operational effects of the winter storm in 2021. The utility remains exposed to credit risk associated with elevated governance risk, including uncertainties related to the Electric Reliability Council of Texas (ERCOT) market, including primarily the socialization of costs, uncertain regulatory environment, and exposure to the market's price volatility, which require the

...S&P Global Ratings assigned its 'A+' long-term rating to San Antonio, Texas' electric and gas systems' series 2015B variable-rate junior-lien revenue refunding bonds. 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 the continued uncertainty associated with many factors facing utilities throughout the state, related to the potential financial and operational effects of the winter storm in 2021. The utility remains exposed to credit risk associated with elevated governance risk, including uncertainties related to the Electric Reliability Council of Texas (ERCOT) market, including primarily the socialization of costs, uncertain regulatory environment, and exposure to the market's price volatility, which require the need for enhanced risk management practices. We believe its governance risk is more pronounced because of recent turnover at senior leadership positions...

Summary