...S&P Global Ratings assigned its '###' long-term rating to San Antonio, Texas' series 2019 general improvement and refunding bonds, combination tax and revenue certificates of obligation, and tax notes. At the same time, S&P Global Ratings affirmed its '###' long-term rating on the city's existing general obligation (GO) debt and its '##+' long-term rating on San Antonio Municipal Facilities Corp.'s debt, San Antonio Public Facilities Corp.'s debt, and Starbright Industrial Development Corp.'s debt issued on behalf of the city. The outlook is stable. The rating reflects our view of San Antonio's strong economy and a history of strong budgetary performance and very strong reserves. Partly offsetting the above strengths, in our view, is the general fund's reliance on revenues from CPS Energy and the expected impact of recent legislative changes that will reduce ad valorem tax and telecom revenues. In addition, pending arbitration with the city's fire union adds uncertainty regarding its financial...
