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

S&P Global Ratings assigned its 'AAA' long-term rating to San Antonio, Texas' series 2019 general improvement refunding bonds. At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating on the city's existing general obligation (GO) debt, its 'AA+' long-term rating on San Antonio Municipal Facilities Corp.'s debt, its 'AA+' long-term rating on San Antonio Public Facilities Corp.'s debt, and its 'AA+' long-term rating on Starbright Industrial Development Corp.'s debt issued on behalf of 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

...S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' series 2019 general improvement refunding bonds. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing general obligation (GO) debt, its '##+' long-term rating on San Antonio Municipal Facilities Corp.'s debt, its '##+' long-term rating on San Antonio Public Facilities Corp.'s debt, and its '##+' long-term rating on Starbright Industrial Development Corp.'s debt issued on behalf of 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, and independent...

Summary