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Article: Fitch Rates San Antonio, Texas' $380MM Elec & Gas Jr Lien Revs 'AA+'; Outlook Stable.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings assigns an 'AA+' rating to San Antonio, Texas' (the city) electric and gas systems junior lien revenue bonds, series 2009A and 2009B (taxable), issued on behalf of CPS Energy. Fitch also affirms the 'AA+' long-term rating on CPS Energy's outstanding senior ($3.9 billion) and subordinate ($402 million) bonds and the 'F1+' rating on $260 million in outstanding commercial paper. The Rating Outlook on the long-term bonds is Stable.
The junior lien revenue bonds, series 2009A and 2009B, will be structured with a 10-year maturity, with principal amortization occurring in the final five years. However, the bonds will have a mandatory tender after three ...