California Community Choice Financing Authority Clean Energy Project Revenue Bonds Series 2025C Assigned Prelim Rating

California Community Choice Financing Authority's bond issuance is an ABS transaction backed by revenues related to a prepaid energy sales agreement and related agreements. We assigned our preliminary 'A+ (sf)' rating to the series 2025C bonds. The preliminary rating reflects our view of the transaction's structure, including the terms of the bond indenture and other agreements related to the transaction, among other factors. NEW YORK (S&P Global Ratings) Aug. 20, 2025--S&P Global Ratings today assigned its 'A+ (sf)' preliminary rating to California Community Choice Financing Authority's $950 million Clean Energy Project revenue bonds series 2025C. (The amount of the bonds is preliminary and subject to change.) The note issuance is an ABS transaction backed by revenues related to a prepaid

...(Editor's Note: Since we published this article on July 24, 2025, the funding recipient was changed to American General Life Insurance Co. This resulted in a change to the preliminary rating assigned; separately, the preliminary issuance amount and the expected mandatory purchase date have changed. An updated version follows.)...

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