By San Antonio Business Journal

CPS Energy sold nearly $51 million in electric and gas systems revenue refunding bonds this week as part of a strategy to pay down debt issued in 2002.

CPS Energy was able to achieve $7.7 million in cost savings due, in large part, to the utilityâ¿¿s strong credit rating, says Senior Director of Finance Linda Dzierzanowski.

⿿As a result, CPS Energy was able to reduce the interest rate, which will result in debt service saving for our customers.⿝

The bonds were rated ⿿AA+⿝ by Fitch Ratings Inc., ⿿Aa1⿝ by Moody⿿s Investor Service and ⿿AA⿝ by Standard & Poor⿿s.

⿿The rating reflects what we view as several strengths of San Antonio⿿s electric and gas utility, including a strong, growing economy, very competitive electricity rates, diverse-fuel generating capacity, strong financial metrics, and good management,⿝ says Standard & Poor⿿s credit analyst Judith Waite.

CPS Energy is the nationâ¿¿s largest municipally owned natural gas and electric utility. The San Antonio power company provides service to approximately 717,000 electric customers and 325,000 natural gas customers.

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