...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' (San Antonio Water System, or SAWS) anticipated $257.7 million series 2021A junior lien revenue and refunding bonds. At the same time, S&P Global Ratings affirmed its: + '##+' rating on the system's outstanding senior-lien revenue bonds, + '##' rating on the system's parity junior-lien revenue bonds, and its + 'A-1+' rating on the system's commercial paper (CP) program. The outlook, where applicable, 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 CP rating is based on our Methodology For Linking Long-Term And Short-Term Ratings. The two revolving credit agreements currently supporting the CP programs are in force through October 2023 ($400 million, series A) and January 2024 ($100 million, series C), respectively. Bond proceeds will...
