S&P Global Ratings assigned its 'AAA' long-term rating to San Antonio, Texas' series 2016 general improvement and refunding bonds, series 2016 combination tax and revenue certificates of obligation, taxable series 2016 combination tax and revenue certificates of obligation, and series 2016 tax notes. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the city's general obligation (GO) debt outstanding and 'AA+' long-term rating and SPUR on San Antonio Municipal Facilities Corp. debt, issued for the city. The outlook is stable. San Antonio's GO bonds are eligible to be rated above the sovereign because we believe the city can maintain better credit characteristics than the U.S. in a stress scenario. Under our criteria
