Standard&Poor's Ratings Services has affirmed its 'AA-' rating on San Antonio, Texas' electric and gas systems variable-rate junior-lien revenue refunding bonds, series 2012A. The outlook is stable. The rating reflects our opinion of the general creditworthiness of the system, doing business as City Public Service of San Antonio, or CPS Energy. We understand the mandatory tender date of the 2012A bonds is Dec. 1, 2014, for the purposes of remarketing them as four-year or five-year term-mode bonds. There will be no liquidity facility supporting the bonds. However, even in the event of a failed remarketing – which we view as extremely remote given the rating level – the electric system has ample backup liquidity options, including unrestricted cash
