...Standard & Poor's Ratings Services assigned its '##-' rating to San Antonio, Texas' series 2015A and 2015B electric and gas systems variable-rate junior-lien revenue refunding bonds. At the same time, we affirmed our '##' rating on the systems' senior-lien parity debt, our '##-' rating on the systems' junior-lien bonds outstanding, and our 'A-1+' commercial paper (CP) rating on the utility. The ratings reflect our opinion of the general creditworthiness of the systems, doing business as City Public Service of San Antonio, or CPS Energy (CPS). The outlook on the long-term ratings is stable. Bond proceeds will be used to refund for savings the system's series 2003 junior-lien variable-rate bonds. As of Oct. 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 and gas system, subordinate to about $3.9 billion in senior-lien bonds outstanding. CPS also has three series of...
