Summary: San Antonio, Texas; Water/Sewer - S&P Global Ratings’ Credit Research

Summary: San Antonio, Texas; Water/Sewer

Summary: San Antonio, Texas; Water/Sewer - S&P Global Ratings’ Credit Research
Summary: San Antonio, Texas; Water/Sewer
Published Nov 13, 2020
8 pages (3698 words) — Published Nov 13, 2020
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

S&P Global Ratings assigned its 'AA' rating to San Antonio, Texas' (San Antonio Water System, or SAWS) $11.8 million series 2020D drinking water state revolving fund loan. The outlook is stable. The series 2020D bonds are a private placement with TWDB that are being issued to fund $11.03 million of capital improvements, fund a $387,675 debt service reserve fund deposit, and pay costs of issuance. Proceeds will be used to fund drinking water improvement projects. The series 2020D bonds will be on parity with approximately $2.4 billion of existing debt and subordinate to $322.0 million of senior-lien bonds. SAWS currently has $218.3 million of subordinate commercial paper outstanding. We consider San Antonio's bond provisions to be somewhat permissive, with a

  
Brief Excerpt:

...S&P Global Ratings assigned its '##' rating to San Antonio, Texas' (San Antonio Water System, or SAWS) $11.8 million series 2020D drinking water state revolving fund loan. The outlook is stable. The series 2020D bonds are a private placement with TWDB that are being issued to fund $11.03 million of capital improvements, fund a $387,675 debt service reserve fund deposit, and pay costs of issuance. Proceeds will be used to fund drinking water improvement projects. The series 2020D bonds will be on parity with approximately $2.4 billion of existing debt and subordinate to $322.0 million of senior-lien bonds. SAWS currently has $218.3 million of subordinate commercial paper outstanding. We consider San Antonio's bond provisions to be somewhat permissive, with a 1.0x rate covenant on its junior-lien (working lien) obligations....

  
Report Type:

Summary

Ticker
2870Z
Issuer
San Antonio
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: San Antonio, Texas; Water/Sewer" Nov 13, 2020. Alacra Store. May 06, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-San-Antonio-Texas-Water-Sewer-2554054>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: San Antonio, Texas; Water/Sewer Nov 13, 2020. New York, NY: Alacra Store. Retrieved May 06, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-San-Antonio-Texas-Water-Sewer-2554054>
  
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