...S&P Global Ratings assigned its '##' rating on San Antonio, Texas' (San Antonio Water System, or SAWS) $98.3 million series 2013F water system variable rate junior lien revenue and refunding bonds in advance of their remarketing and conversion to a new interest rate period on Nov. 1, 2021. At the same time, S&P Global Ratings affirmed its '##+' rating on SAWS's outstanding senior-lien revenue bonds and its '##' rating on the agency's parity junior-lien revenue bonds. The outlook is stable. We have applied our primary criteria to determine the entity's general creditworthiness (ICR) and have applied this rating to the senior-lien issues and assigned a rating that is one-notch lower to the subordinate-lien issues. SAWS intends to remarket the series 2013F bonds into a subsequent term mode with a subsequent mandatory tender date likely in 2026. The bonds are being remarketed with a soft put so if SAWS is unable to remarket the bonds in advance of the scheduled mandatory tender date, the interest...
