S&P Global Ratings assigned its 'AA/A-1' rating to the San Antonio, Texas' anticipated $165.755 million series 2024A subordinate lien revenue refunding bonds, issued on behalf of its water system (San Antonio Water System or SAWS). The outlook is stable. The series 2024A bonds are being issued as variable-rate demand obligations and will receive liquidity enhancement in the form of a standby-bond purchase agreement (SBPA) from Truist Bank. The long-term component of the rating reflects our view of SAWS's credit characteristics. The short-term component of the rating reflects the liquidity facility in the form of an SBPA provided by Truist Bank, effective Sept. 11, 2024. The SBPA will cover principal and 34 days' interest at a maximum 12% annual rate for
