...S&P Global Ratings affirmed its 'A-1+' rating on San Antonio, Texas' subseries A-1 commercial paper (CP) program. The CP program was established for the benefit of the city's waterworks and sanitary sewer utility, doing business as San Antonio Water System (SAWS). We base the CP rating on our '##+' long-term ratings on SAWS' senior-lien bonds using our "Methodology For Linking Long-Term And Short-Term Ratings." At the same time, S&P Global Ratings affirmed its '##' rating on SAWS' junior-lien debt, which is its working lien. The utility is also the strong link in our rating on Bexar-Medina-Atascosa Counties Water Control and Improvement District No. 1. Because of that, we continue to rate the district's bonds to the strength of SAWS' creditworthiness and are affirming our '##+' rating on the district's debt. The outlook on all long-term ratings is stable. As of July 2018, SAWS had about $718 million of senior-lien revenue bonds, $1.9 billion in junior-lien obligations, and $148 million...
