SAN FRANCISCO (S&P Global Ratings) April 13, 2022--S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $787.0 million series 2022ABCD taxable water revenue refunding bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The outlook is stable. "The rating reflects our belief that SFPUC's pro forma all-in debt service coverage levels will decline to levels we consider relatively thin during the next two years--although it will be offset by its strong liquidity position and its very large capital improvement plan," said S&P Global Ratings credit analyst Chloe Weil. "The rating further reflects our assessment of the commission's historical and future
