Standard&Poor's Ratings Services affirmed its 'A-1+' rating on San Antonio, Texas' series A water system CP notes based on the water system's strong general creditworthiness. The notes are payable from a pledge of net system revenues. An amended revolving credit agreement between San Antonio and Bank of America N.A., effective July 8, 2004, and extending through July 7, 2007, provides liquidity support. This amended revolving credit agreement indicates an increase in the commitment amount to $500 million. The revolving credit agreement covers 100% of authorized CP; but it allows for the immediate termination of the credit agreement based on a number of circumstances, including the city's credit quality. Consequently, the program rating is tied to the city. City
