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

S&P Global Ratings raised its rating to 'AA+' from 'AA' on the San Antonio, Texas, water system's (San Antonio Water System, or SAWS) existing junior-lien revenue bonds. At the same time, S&P Global Ratings assigned its 'AA+' rating to SAWS's anticipated $245.1 million series 2022B junior lien revenue bonds and $98.3 million series 2014B variable rate junior lien revenue and refunding bonds in advance of their remarketing and conversion to a new interest rate period on Nov. 1, 2022, and affirmed its 'AA+' rating on the system's outstanding senior lien revenue bonds and its 'A-1+' short-term rating on the system's series A, B, and C commercial paper notes. We equalized the ratings on the senior and junior liens because less

...+ S&P Global Ratings raised its rating to '##+' from '##' on the San Antonio, Texas, water system's (San Antonio Water System, or SAWS) existing junior-lien revenue bonds. + At the same time, S&P Global Ratings assigned its '##+' rating to SAWS's anticipated $245.1 million series 2022B junior lien revenue bonds and $98.3 million series 2014B variable rate junior lien revenue and refunding bonds in advance of their remarketing and conversion to a new interest rate period on Nov. 1, 2022, and affirmed its '##+' rating on the system's outstanding senior lien revenue bonds and its 'A-1+' short-term rating on the system's series A, B, and C commercial paper notes. + We equalized the ratings on the senior and junior liens because less than 3.5% of SAWS' total debt remains on the senior lien and we no longer believe junior lien bondholders are materially disadvantaged relative to senior lien bondholders given the de minimis amount of debt on the senior lien and very strong pro forma financial...

Summary