...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' (San Antonio Water System or SAWS) series 2019B water system junior-lien drinking water state revolving fund (SRF) loan with the Texas Water Development Board and its '##' rating to the city's series 2019C water system junior-lien revenue refunding bonds. At the same time, S&P Global Ratings affirmed its various ratings on SAWS' outstanding debt, including its: + '##+' long-term rating on the system's $530.9 million senior-lien revenue bonds; + '##' long-term rating on the system's $2.08 billion parity junior-lien revenue bonds; and + 'A-1+' short-term rating on the system's $500.0 million commercial paper (CP) programs. The ratings reflect, in our opinion, SAWS' extremely strong enterprise risk profile and very strong financial risk profile. The outlook, where applicable, is stable. The enterprise risk profile reflects our view of the following: + The underlying economic strength and diversity of the SAWS customer base...
