Summary: San Antonio, Texas; Appropriations; General Obligation; Note

S&P Global Ratings assigned its 'AAA' long-term rating to San Antonio, Texas' series 2017 general improvement bonds, series 2017 combination tax and revenue certificates of obligation, and series 2017 tax notes. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's general obligation (GO) debt outstanding and 'AA+' long-term rating and underlying rating (SPUR) on San Antonio Municipal Facilities Corp.'s 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 "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013,

...S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' series 2017 general improvement bonds, series 2017 combination tax and revenue certificates of obligation, and series 2017 tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's general obligation (GO) debt outstanding and '##+' long-term rating and underlying rating (SPUR) on San Antonio Municipal Facilities Corp.'s 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 "Ratings Above The Sovereign: Corporate And Government Ratings--Methodology And Assumptions" (published Nov. 19, 2013, on RatingsDirect), the city has a predominantly locally derived revenue base, with 67% of general fund revenue derived from local taxes, with independent taxing authority and our view that pledged revenue...

Summary