S&P Global Ratings assigned its 'AA+' long-term rating to the San Antonio Municipal Facilities Corp., Texas' remarketed taxable series 2021 variable-rate lease revenue bonds (City Tower Renovation Project) (2024 tax-exempt remarketing), issued for the City of San Antonio. The outlook is stable. The lease revenue bonds are secured by lease payments based on the city's annual appropriation from legally available general fund revenue as an ongoing obligation for the lease term. The one-notch difference on the bonds from the city's general creditworthiness reflects the annual appropriation risk. The rating is being applied to the corporation's remarketed bonds, with a new term period beginning Aug. 1, 2024. During the term period, the bonds will bear a new annual interest rate and
