San Francisco Public Utilities Commission, CA Nearly $1 Billion Water Revenue Bonds Rated 'AA-'

SAN FRANCISCO (S&P Global Ratings) Aug. 27, 2020--S S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s $320.8 million series 2020ABCD water revenue bonds and $684.9 million series 2020EFGH 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 SFPUC is projecting that the pandemic's negative effect on sales volumes will continue over the next four years, which we consider reasonable, with fiscal 2021 representing a low point as the city's health order to shelter in place continues and many commercial businesses remain closed," said S&P Global Ratings credit analyst Chloe Weil. "The

...August 27, 2020 SAN FRANCISCO (S&P Global Ratings) Aug. 27, 2020--S S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s $320.8 million series 2020ABCD water revenue bonds and $684.9 million series 2020EFGH taxable water revenue refunding bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The outlook is stable. "The SFPUC is projecting that the pandemic's negative effect on sales volumes will continue over the next four years, which we consider reasonable, with fiscal 2021 representing a low point as the city's health order to shelter in place continues and many commercial businesses remain closed," said S&P Global Ratings credit analyst Chloe Weil. "The proposed budget for fiscal 2021 assumes retail water volumes will drop by approximately 4% compared to the prior year, while wholesale volumes will decrease by approximately 2.5%," Ms. Weil...

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