Standard&Poor's Ratings Services assigned its 'AA' rating to San Antonio, Texas' series 2015B water system junior-lien revenue bonds. At the same time, Standard&Poor's affirmed its 'AA+' and 'AA' ratings on the system's senior-lien bonds and junior-lien bonds, respectively. 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 ratings reflect our opinion of the system's – doing business as San Antonio Water System (SAWS) – general creditworthiness, including, in our view: The alignment of strong financial and operational planning, driven by an environment in which resource management, water conservation, and rate affordability are ever-present challenges to meeting revenue
