Summary: San Antonio, Texas; CP; Water/Sewer

S&P Global Ratings assigned its 'AA' rating to San Antonio, Texas' (San Antonio Water System or SAWS) series 2020C junior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the SAWS's outstanding senior-lien revenue bonds, its 'AA' rating on the agency's parity junior-lien revenue bonds, and its 'A-1+' rating on the system's commercial paper (CP) program. The outlook is stable. We have applied our primary criteria to determine the entity's general creditworthiness (ICR) and have applied this rating to the senior-lien issues and assigned a rating that is one-notch lower to the subordinate-lien issues. The series 2020C bonds are being issued to fund $191 million of capital improvements. The series 2020C bonds will be on

...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' (San Antonio Water System or SAWS) series 2020C junior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the SAWS's outstanding senior-lien revenue bonds, its '##' rating on the agency's parity junior-lien revenue bonds, and its 'A-1+' rating on the system's commercial paper (CP) program. The outlook is stable. We have applied our primary criteria to determine the entity's general creditworthiness (ICR) and have applied this rating to the senior-lien issues and assigned a rating that is one-notch lower to the subordinate-lien issues. The series 2020C bonds are being issued to fund $191 million of capital improvements. The series 2020C bonds will be on parity with approximately $2.5 billion of existing debt and subordinate to $321.0 million of senior-lien bonds. SAWS currently has $218.3 million of subordinate commercial paper (CP) outstanding. We consider the bond provisions to be somewhat...

Summary