S&P Global Ratings assigned its 'AA+' long-term rating to the San Antonio, Texas' water system's (San Antonio Water System, or SAWS) anticipated $289 million series 2023A revenue bonds. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the water system's outstanding revenue bonds and its 'A-1+' short-term rating on the system's series A-1 and series B commercial paper (CP) notes. The outlook, where applicable, is stable. We consider both senior and junior lien bond provisions to be lenient, with a senior-lien rate covenant of 1.25x annual debt service, including amounts on deposit in any designated reserves or contingency funds, and a 1.0x rate covenant on its junior-lien obligations. The series 2023A bonds will be sold without a
