...Standard & Poor's Ratings Services assigned its '##' rating to San Antonio, Texas' series 2015 electric and gas systems senior-lien revenue refunding bonds. At the same time, we affirmed our '##' rating on the city's senior-lien parity debt, the '##-' rating on the systems' junior-lien bonds outstanding, and the 'A-1+' commercial paper (CP) rating on the utility. The outlook is stable. The long-term ratings reflect our opinion of the general creditworthiness of the system, doing business as City Public Service of San Antonio, or CPS Energy (CPS). We understand the series 2015 bond proceeds will be used to refund for savings the system's series 2007 senior-lien fixed-rate bonds. As of April 30, 2015, the electric and gas utility had about $3.4 billion in parity senior lien bonds outstanding, and $1.7 billion in junior-lien system revenue bonds. The series 2015 bonds are secured by a first-lien pledge on the net revenues of the combined electric and gas system. Additional liquidity at the...
