SAN FRANCISCO (S&P Global Ratings) Dec. 8, 2020--S&P Global Ratings said today that the federal criminal investigation of the San Francisco Public Utilities Commission's (SFPUC; AA/Stable power; AA-/Stable water; AA/Stable wastewater) general manager (GM) Harlan Kelly will be credit neutral. This reflects our view that, with regard to the SFPUC specifically, the allegation of honest services wire fraud is limited to the GM himself and related financial implications to the SFPUC are likely not material. However, given the SFPUC's sizable capital plans and associated rate increases, rating pressure could occur if such governance issues challenge SFPUC's rate-making ability or capital management. SFPUC's capital program exceeds $9 billion across its three utilities and will require substantial rate increases. Such rate increases
