Standard&Poor's Ratings Services has assigned its 'AA+' rating to San Antonio, Texas' municipal drainage utility system revenue refunding bonds, series 2013. At the same time, Standard&Poor's has affirmed its rating on the utility system's series 2003 and series 2005 revenue bonds, though these bonds are expected to be refunded with the series 2013 bond proceeds. 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
