S&P Global Ratings assigned its 'AAA' long-term rating to East Bay Municipal Utility District , Calif.'s anticipated $27 million series 2025A and $174 million series 2025B wastewater system revenue bonds. At the same time, we affirmed our 'AAA' long-term rating on the district's outstanding wastewater system revenue bonds. The outlook is stable. We view the bond provisions as credit neutral. The series 2025A-B bonds are secured by a pledge of adjusted net revenue of the district's wastewater system, on parity with its outstanding wastewater revenue bonds. The bonds have a first lien on net revenue given there are no outstanding senior-lien bonds and in a supplemental indenture the district has covenanted to not issue additional senior-lien debt. Key bond provisions
