Standard&Poor's Ratings Services has assigned its 'AA-' rating to San Antonio, Texas' series 2009 water system junior lien revenue bonds and the 2009A water system junior lien revenue and refunding bonds, both secured by a junior lien pledge of net revenues of the water system. Both series of bonds are expected to be sold to the Texas Water Development Board. The ratings reflect our view of: The broad, diversified, and growing service area that encompasses most of the city of San Antonio ('AAA' GO rating), Management's ability to maintain good coverage levels and strong liquidity, coupled with the development of a long-range capital and financial plan, and Competitive water and sewer rates, providing flexibility regarding the development of
