Standard&Poor's Ratings Services has assigned its 'AA' rating to the City of San Antonio, Texas' electric and gas systems $521 million revenue bonds, taxable new series 2012. At the same time, Standard&Poor's affirmed its 'AA' rating on senior-lien parity debt, its 'AA-' rating on junior-lien bonds, and its 'A-1+' commercial paper rating on the utility. The outlook is stable. As of fiscal year-end 2012 (Jan. 31), the electric and gas utility had $4.7 billion of debt outstanding. A pledge of the combined revenue of the electric and gas utilities secures the bonds. We understand that management will use bond proceeds to purchase a combined cycle electric generating plant adjacent to its service territory. The 800 megawatt
