SAN FRANCISCO (S&P Global Ratings) Sept. 11, 2019--S&P Global Ratings said today that the City of San Francisco's proposal to acquire various Pacific Gas&Electric (PG&E; issuer credit rating 'D') assets in the city does not affect S&P Global Ratings' 'AA' long-term rating on San Francisco Public Utilities Commission's (SFPUC, or Hetch Hetchy power enterprise) series 2015A and 2015B power revenue bonds given the offer's unsolicited nature and the multiple regulatory and judicial approvals that the offer would entail. We consider the city's overture to PG&E to be preliminary. If it moves forward, based on existing indenture provisions, we anticipate that the city would finance the acquisition under a separate indenture, distinct from the indenture covering existing power revenue
