S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $1.4 billion series 2025D, E, and F water revenue bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on SFPUC's outstanding water revenue bonds. The outlook is stable. Proceeds from the series 2025D and E bonds will be used to refund $407.3 million of outstanding commercial paper (CP) and fund $20.8 million of upcoming capital projects, while proceeds from the series 2025F bonds will be issued to redeem up to $1.05 billion of outstanding Build America Bonds (BABs) to potentially mitigate federal subsidy exposure, subject to market conditions. As of May 1, 2025, SFPUC had approximately $4.4
