San Francisco Public Utilities Commission, CA Series 2025ABC Water Revenue Bonds Assigned 'AA-' Rating; Outlook Stable

SAN FRANCISCO (S&P Global Ratings) March 10, 2025--S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $495.5 million series 2025ABC 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, where applicable, is stable. "The rating reflects our view of SFPUC's continued progress in implementing its water system improvement program and its demonstrated ability and willingness to increase service rates," said S&P Global Ratings credit analyst Chloe Weil. "We consider the SFPUC's sharply rising costs of service and related potential affordability pressures to be key credit stressors given the system's slow pandemic recovery and the influence of

...March 10, 2025 SAN FRANCISCO (S&P Global Ratings) March 10, 2025--S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $495.5 million series 2025ABC 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, where applicable, is stable. "The rating reflects our view of SFPUC's continued progress in implementing its water system improvement program and its demonstrated ability and willingness to increase service rates," said S&P Global Ratings credit analyst Chloe Weil. "We consider the SFPUC's sharply rising costs of service and related potential affordability pressures to be key credit stressors given the system's slow pandemic recovery and the influence of remote work on commercial activity in the downtown corridor, along with the overall negative economic headwinds compounded by the technology sector contraction,"...

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