SAN FRANCISCO (S&P Global Ratings) March 3, 2021--S&P Global Ratings placed various ratings on Texas retail and cooperative electric utilities on CreditWatch with negative implications, encompassing the following issuer credit ratings (ICRs) and/or associated issue ratings, where applicable: Austin Energy ('AA' long-term rating and underlying rating, or SPUR); Bryan Texas Utilities ( 'A+' long-term rating and SPUR); Bryan Rural Electric System ('AA-' long-term rating); Greenville Electric Utilities System ('A+' long-term rating and SPUR); Grey Forest Utilities ('A+' long-term rating and SPUR); Guadalupe Valley Electric Cooperative Inc. ('AA-' ICR, long-term rating, SPUR, and 'A-1+' short-term rating); Floresville Electric Light&Power System ('AA-' senior-lien long-term rating and SPUR, 'A+' subordinate lien long-term rating and SPUR); New Braunfels Utilities ('AA' long-term rating
