S&P Global Ratings affirmed its 'A-' long-term rating on Mountain House Community Services District , California's utility system bonds (senior lien) and its 'BBB+' long-term rating on the district's subordinate utility system bonds. The outlook is stable. The bonds are secured by the pledged facility component (PFC), a fixed charge currently on the district's utility bill. The 2020B and 2023 bonds are subordinate to the district's series 2019 and 2020A obligations outstanding (about 60% of total debt); a separate usage fee, which is intended to cover utility operations, is not pledged to bondholders. The bond proceeds were used to repay developer infrastructure improvements. Under three separate installment sale agreements, three separate utility subsystems make proportionate payment of debt service to
