...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' (San Antonio Water System or SAWS) series 2020A junior-lien revenue and refunding bonds and series 2020B junior-lien clean water state revolving fund (SRF) loan with the Texas Water Development Board. The rating reflect, in our opinion, SAWS's extremely strong enterprise risk profile and very strong financial risk profile. The outlook is stable. Proceeds of the series 2020A financing will fund $116.6 million of capital projects, refund $93 million of commercial paper previously issued to fund capital projects, and refund a portion of the outstanding series 2010A and 2011A bonds for debt service savings. Proceeds of the series 2020B SRF loan will be used to fund $34.2 million of capital projects. The series 2020A bonds will not carry a debt service reserve fund (DSRF) while the series 2020B bonds will have a DSRF equivalent to average annual debt service. We consider SAWS's bond provisions to be somewhat permissive, with...
