Summary: San Antonio, Texas; CP; Combined Utility

S&P Global Ratings assigned its 'AA' senior-lien rating to San Antonio, Texas' electric and gas systems' new series 2017 revenue refunding bonds. At the same time, we affirmed our 'AA' senior-lien rating and 'AA-' junior-lien rating on the electric and gas systems' senior-lien parity debt and junior-lien bonds outstanding, respectively. The ratings reflect our opinion of the general creditworthiness of the systems (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]). The outlook on all the ratings is stable. We applied our primary criteria to determine CPS Energy's general creditworthiness (issuer credit rating [ICR]) and assigned our rating to the senior-lien issues, as well as maintained a one-notch rating distinction on the junior-lien debt based on the application

...S&P Global Ratings assigned its '##' senior-lien rating to San Antonio, Texas' electric and gas systems' new series 2017 revenue refunding bonds. At the same time, we affirmed our '##' senior-lien rating and '##-' junior-lien rating on the electric and gas systems' senior-lien parity debt and junior-lien bonds outstanding, respectively. The ratings reflect our opinion of the general creditworthiness of the systems (d/b/a City Public Service of San Antonio, or CPS Energy [CPS]). The outlook on all the ratings is stable. We applied our primary criteria to determine CPS Energy's general creditworthiness (issuer credit rating [ICR]) and assigned our 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 our criteria, "Assigning Issue Credit Ratings of Operating Entities" (published May 20, 2015, on RatingsDirect). Following the series 2017 debt issue, CPS Energy will have $3.7 billion in parity senior-lien bonds...

Summary