...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' new series 2016 electric and gas systems revenue refunding bonds. S&P Global Ratings also affirmed its '##' senior-lien rating, and '##-' junior-lien rating on the systems' (doing business as CPS Energy) outstanding bonds. The rating service applied the primary criteria to determine CPS Energy's general creditworthiness (ICR) and assigned its rating to the senior-lien issues, as well as maintained a one notch rating distinction on the junior lien debt based on the application of its criteria, "Assigning Issue Credit Ratings of Operating Entities," published in 2015. As of June 2016, CPS Energy had about $3.44 billion in parity senior-lien bonds outstanding and $1.9 billion in junior-lien system revenue bonds. S&P Global Ratings also affirmed its 'A-1+' ratings on the systems' series A ($150 million), B ($225 million), and C ($225 million) tax exempt commercial paper (CP) programs. The CP ratings are based on the long-term...
