Summary: San Antonio, Texas; CP; Combined Utility; Retail Electric

S&P Global Rating' affirmed its 'AA-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio, Texas' electric and gas systems revenue debt, and removed the ratings from CreditWatch, where they had been placed with negative implications on March 10, 2021. The outlook on the long-term ratings is negative. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The 'A-1' ratings on the electric and gas systems' commercial paper (CP) series A ($400 million; tax-exempt and taxable), series B ($200 million; tax-exempt and taxable), and series C ($100 million; tax-exempt and taxable) are based on our junior-lien long-term rating on CPS Energy . Management represents that the

...S&P Global Rating' affirmed its '##-' long-term rating, 'A+' junior-lien rating, and 'A-1' short-term rating on San Antonio, Texas' electric and gas systems revenue debt, and removed the ratings from CreditWatch, where they had been placed with negative implications on March 10, 2021. The outlook on the long-term ratings is negative. The City Public Service Board of San Antonio (or CPS Energy) manages and operates the city's electric and gas systems. The 'A-1' ratings on the electric and gas systems' commercial paper (CP) series A ($400 million; tax-exempt and taxable), series B ($200 million; tax-exempt and taxable), and series C ($100 million; tax-exempt and taxable) are based on our junior-lien long-term rating on CPS Energy . Management represents that the utility will use subordinate lien debt to retire CP. Consequently, we tie our assessment of the CP's rating to the subordinate lien position of the utility's debt. The removal of the ratings from CreditWatch placement reflects our...

Summary