Standard&Poor's Ratings Services raised its rating on San Antonio, Texas' city public service's (CPS) $250 million electric and gas systems junior-lien revenue bonds series 2003 to 'AA-/A-1+' from 'AA-/A-'1. The 'A-1+' short–term component of the rating reflects the short-term rating on Royal Bank of Canada, the substitute liquidity provider for the variable rate bonds. The liquidity facility, which is a standby bond purchase agreement (SBPA), provides coverage for the purchase price of unremarketed tendered bonds in the daily, weekly, and commercial paper modes for a maximum of 35 days at an interest rate of 10%. Royal Bank of Canada's obligation to purchase unremarketed tendered bonds shall be terminated without notice to bondholders upon the occurrence of the events
