Standard&Poor's Ratings Services assigned its 'AA' rating to San Antonio, Texas' series 2014A, 2014B, 2014C, and 2014D water system junior-lien revenue bonds. At the same time, Standard&Poor's affirmed its 'AA+' rating on the system's senior-lien bonds and its 'AA' rating on the system's junior-lien bonds. Standard&Poor's also affirmed its 'A-1+' rating on the water system's commercial paper programs. The current revolving credit agreements are set to expire in October 2015. The long-term ratings were raised in 2013, reflective of strong management and planning, coupled with the trend of favorable debt service coverage and system liquidity. We believe the system's competitive rates should allow for a high degree of revenue raising flexibility as management addresses
