...S&P Global Ratings assigned its '##' rating to the San Antonio, Texas, water system's (San Antonio Water System, or SAWS) $77.4 million series 2022A junior-lien revenue bonds. At the same time, S&P Global Ratings affirmed its '##+' rating on the system's $280.6 million senior-lien revenue bonds and its '##' rating on the system's $2.6 billion parity junior-lien revenue bonds. The outlook, where applicable, is stable. Bond proceeds will be used to refund a portion of the series 2012A bonds outstanding to provide debt service savings. The plan of finance also assumes a $66.2 million cash redemption of certain maturities of series 2012 and 2021A bonds using a combination of cash on hand and a debt service reserve fund release following the series 2022A transaction, as series 2022A will not carry a debt service reserve fund. The cash defeasance will reduce debt service by about $77 million in fiscal years 2023 to 2028, which will modestly offset rate pressures as the system issues additional...
