Standard&Poor's Ratings Services has assigned its 'AA-' rating to San Antonio, Texas' series 2014 electric and gas systems junior-lien revenue refunding bonds. At the same time, we affirmed our 'AA' rating on the city's senior-lien parity debt, our 'AA-' rating on the systems' junior-lien bonds outstanding, and our 'A-1+' commercial paper (CP) rating on the utility. The outlook is stable. The rating reflects our opinion of the general creditworthiness of the system, doing business as City Public Service of San Antonio, or CPS Energy (CPS). As of Aug. 31, 2014, the electric and gas utility had $1.5 billion in parity junior-lien system revenue bonds, which are secured by a pledge of the net revenues of the combined electric
