Standard&Poor's Ratings Services has assigned its 'AA' rating to the City of San Antonio, Texas' $450 million electric and gas systems revenue refunding bonds, series 2009A. Proceeds will refund $450 million of commercial paper (CP), which is the total outstanding. At the same time, Standard&Poor's affirmed its 'AA' rating on San Antonio's $3.2 billion senior lien electric and gas revenue and refunding bonds, its 'AA-/A-1+' ratings on the $402 million electric and gas systems junior lien revenue bonds, and its 'A-1+' rating on the tax-exempt CP program. The CP rating is linked to the long-term debt rating. The outlook on the long-term ratings is stable. In our opinion, the rating reflects: A strong, growing economy; Very
