Fitch Confirms San Antonio, Texas' (CPS Energy) Electric & Gas Revs at 'AA+'; Outlook Stable

SAN FRANCISCO--(BUSINESS WIRE)--Fitch Ratings confirms its 'AA+' rating on San Antonio, Texas' (the city) electric and gas systems revenue and refunding bonds, new series 2008A, issued on behalf of CPS Energy. The rating was initially assigned to the bonds on Sept. 23, 2008, but the bonds did not price due to market conditions.

Proceeds of the new series 2008A bonds will refund outstanding Series 1998A bonds for savings. The bonds, in the amount of approximately $218.6 million, are now expected to price the week of Dec. 8, 2008.

Fitch also confirms the 'AA+' long-term rating on CPS Energy's outstanding senior ($2.9 billion) and subordinate ($402 million) bonds and the 'F1+' rating on outstanding commercial paper ($450 million). The Rating Outlook is Stable.

For additional information regarding the ratings, see Fitch's press release dated Sept. 23, 2008 and Fitch's report 'San Antonio, Texas (CPS Energy)' dated May 30, 2008.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.