Summary: San Antonio Public Facilities Corporation, Texas; Appropriations

S&P Global Ratings assigned its 'AA+' long-term rating to San Antonio Public Facilities Corp., Texas' estimated $275.4 million series 2022 lease revenue refunding and improvement bonds (Convention Center Facilities Project). The outlook is stable. The majority of the proceeds from the bonds will refund a portion of existing series 2012 improvement and refunding lease revenue bonds, with about $30.7 million in new money that will be used for Convention Center facilities improvements. The bonds are secured by and payable from the trust estate, which consists primarily of lease payments to be made by the city to the corporation pursuant to the sublease. The city's obligation to make lease payments is a current expense, payable solely from funds annually appropriated by

...S&P Global Ratings assigned its '##+' long-term rating to San Antonio Public Facilities Corp., Texas' estimated $275.4 million series 2022 lease revenue refunding and improvement bonds (Convention Center Facilities Project). The outlook is stable. The majority of the proceeds from the bonds will refund a portion of existing series 2012 improvement and refunding lease revenue bonds, with about $30.7 million in new money that will be used for Convention Center facilities improvements. The bonds are secured by and payable from the trust estate, which consists primarily of lease payments to be made by the city to the corporation pursuant to the sublease. The city's obligation to make lease payments is a current expense, payable solely from funds annually appropriated by the city for such use. The sources of payment for the lease payments include primarily hotel occupancy tax (HOT) receipts and any other lawfully available funds to the extent necessary. The one-notch difference on the Public...

Summary