...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' series 2019A water system junior-lien variable-rate revenue bonds and its '##' rating to the city's series 2019B water system junior-lien drinking water state revolving fund loan with the Texas Water Development Board. At the same time, S&P Global Ratings affirmed its '##' rating on San Antonio's approximately $2.08 billion in parity junior-lien bonds. S&P Global Ratings also affirmed its '##+' rating on the system's senior-lien bonds and its 'A-1+' rating on the system's $500 million commercial paper (CP) programs. The CP rating reflects the long-term rating on the city's waterworks and sanitary sewer utility, which does business as San Antonio Water System (SAWS), based on our Methodology For Linking Long-Term And Short-Term Ratings, published April 7, 2017. The two revolving credit agreements supporting the CP programs are in force through January 2021 and October 2023, respectively. SAWS is also the strong link in our...
