S&P Global Ratings assigned its 'AA-' long-term rating to San Antonio's electric and gas systems' estimated $489.5 million new series 2024D, $272.3 million new series 2024E, and $252.4 million new series 2024F senior-lien revenue refunding bonds. The outlook is stable. The City Public Service Board of San Antonio (CPS Energy) manages and operates the city's electric and gas systems. CPS Energy's electric and gas systems' net revenue secures the senior- and junior-lien revenue debt. CPS Energy had $7.4 billion in total debt (including premium) as of fiscal year-end Jan. 31, 2024, including about $4.5 billion in senior-lien bonds outstanding and $351 million in commercial paper (CP). The 2024D bond proceeds will be used to refund CP and junior-lien series 2015A
