Standard&Poor's Ratings Services has affirmed its 'A-1+' short-term rating on San Antonio, Texas' Water System's (SAWS)' commercial paper notes, series A and series B, reflective of the high investment-grade long-term ratings on the system's revenue bonds. In 2012, SAWS amended the ordinance authorizing the commercial paper program and entered into two separate revolving credit agreements. While the ordinance authorizes up to $500 million of commercial paper notes, the two revolving credit agreements total only $400 million of support and therefore limit issuance to that amount. The credit agreement for the series A notes between the city of San Antonio and the Bank of Tokyo-Mitsubishi UFJ, Ltd. had an effective date of Oct. 2, 2012, and expires three years
