Standard&Poor's Ratings Services has raised the rating on San Antonio, Texas' municipal drainage utility system series 2003 and series 2005 revenue bonds to 'AA+' from 'AA-' reflecting trends of strong coverage, high liquidity levels, and good collection rates. The rating reflects our assessment of the system's: Broad, diversified, and growing service area; Sound financial performance during the past several years; Demonstrated willingness to adjust rates, although overall rates remain low; and Economies of scale in the implementation of some functions of the drainage utility in conjunction with San Antonio Water System (SAWS) ('AA' senior-lien revenue bond rating). A first lien gross revenue pledge on the storm water system secures the bonds, the proceeds of which were used to
