San Francisco Public Utilities Commission $819.4 Million Water Revenue Bonds Assigned 'AA-' Rating

SAN FRANCISCO (S&P Global Ratings) June 1, 2023--S&P Global Ratings assigned its 'AA-' long-term rating to  San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $819.4 million series 2023A, B, C, and D 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. "The rating reflects our view of the water system's comprehensive operational management and extremely strong liquidity position that we anticipate will be maintained during the five-year forecast period," said S&P Global Ratings credit analyst Chloe Weil. "Although this is tempered by the system's thin historical debt service coverage and very large capital improvement plan that we believe could expand depending on the

...June 1, 2023 SAN FRANCISCO (S&P Global Ratings) June 1, 2023--S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $819.4 million series 2023A, B, C, and D water revenue bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on SFPUC's outstanding water revenue bonds. The outlook is stable. "The rating reflects our view of the water system's comprehensive operational management and extremely strong liquidity position that we anticipate will be maintained during the five-year forecast period," said S&P Global Ratings credit analyst Chloe Weil. "Although this is tempered by the system's thin historical debt service coverage and very large capital improvement plan that we believe could expand depending on the scope of projects submitted for commission approval in July 2023," Ms. Weil added. Proceeds from the series 2023 issuance will be used to defease about $299.8 million of...

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