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 'A+ (sf)' rating to the series 2025C bonds. The rating is weak-linked (i.e., dependent upon) to the ratings on American General Life Insurance Co., the funding recipient, and Natixis S.A., the guarantor of the investment agreement provider. The 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) Sept. 26, 2025--S&P Global Ratings today assigned its 'A+ (sf)' rating to California Community Choice Financing Authority 's $1.04 billion Clean Energy Project revenue bonds
