Standard&Poor's Ratings Services has affirmed its 'AA+' rating, with a stable outlook, on San Antonio, Texas' municipal drainage utility system series 2003 and series 2005 revenue bonds. The rating reflects our assessment of the system's: Broad, diversified, and growing service area; Sound financial performance over the past several years, with strong collection rates; Demonstrated willingness to adjust rates, although overall rates remain low; and Economies of scale in the implementation of some functions of the drainage utility in conjunction with San Antonio Water System (SAWS). A first-lien gross revenue pledge on the storm water system secures the bonds, the proceeds of which were used to fund improvements and extensions to the existing storm drainage system. A debt service
