San Francisco Public Utilities Commission Series 2019A-D Water Revenue Bonds Rated 'AA-'

SAN FRANCISCO (S&P Global Ratings) Nov. 28, 2019--S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s series 2019A, 2019B, 2019C, and 2019D water revenue 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 on the long-term ratings is stable. "The long-term rating reflects, in our opinion, the combination of an extremely strong enterprise risk profile and a strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil. The stable outlook reflects our anticipation that SFPUC will, during the next two years, continue to adjust rates or expenditures as necessary to support its large capital plan and growing

...November 28, 2019 SAN FRANCISCO (S&P Global Ratings) Nov. 28, 2019--S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s series 2019A, 2019B, 2019C, and 2019D water revenue bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The outlook on the long-term ratings is stable. "The long-term rating reflects, in our opinion, the combination of an extremely strong enterprise risk profile and a strong financial risk profile," said S&P Global Ratings credit analyst Chloe Weil. The stable outlook reflects our anticipation that SFPUC will, during the next two years, continue to adjust rates or expenditures as necessary to support its large capital plan and growing debt requirements. We believe that any reluctance or inability to raise rates, for either the retail or suburban wholesale customers, could result in erosion of financial margins and liquidity...

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