S&P Global affirmed its 'AA+' rating on San Antonio, Texas' municipal drainage utility system revenue refunding bonds outstanding. The outlook is stable. A first-lien gross revenue pledge on the drainage system secures the bonds. Pledged revenue excludes a regional stormwater management program fee (referred to as fee in lieu of detention pond), which is a one-time assessment levied against new development and is used to fund regional drainage projects identified in San Antonio's regional stormwater management master plan. The fee in lieu of detention pond expenditures are expenditures for functions such as stormwater infrastructure maintenance, surface maintenance, capital project review, private development review, floodplain management, regional stormwater management, and the city's water quality program. As of Sept. 30, 2022, the
