S&P Global Ratings assigned its'BBB+'long-term rating to Mountain House Financing Authority , California’s subordinate series 2026 utility system bonds issued on behalf the city of Mountain House’s utility systems. At the same time, we affirmed our'A-'long-term rating on the authority's utility system bonds (senior lien) and our'BBB+'long-term rating on its subordinate utility system bonds. The outlook is stable. The bonds are secured by the pledged facility component (PFC) fee, dedicated exclusively to pay for the cost of utility infrastructure. The 2026 bonds, as well as the outstanding 2020B and 2023 bonds, are subordinate to the city’s series 2019 and 2020A obligations outstanding (about 58% of total debt after the 2026 issuance); a separate usage
