Standard&Poor's Ratings Services has assigned its 'AA-' rating to the City of San Antonio, Texas' electric and gas systems junior-lien revenue bonds, series 2014. At the same time, Standard&Poor's affirmed its 'AA' rating on senior-lien parity debt, its 'AA-' rating on the systems' junior-lien bonds outstanding, and its 'A-1+' commercial paper rating on the utility. The outlook is stable. As of Jan. 31, 2014, the electric and gas utility had $5.5 billion of debt. A pledge of the combined revenue of the electric and gas utilities secures the bonds. Bond proceeds will fund capital expenditures. The ratings reflect what we view as several strengths of San Antonio's electric and gas utility, known as CPS Energy, including:
