San Francisco Public Utilities Commission's $118.5 Million Series 2023A Power Revenue Bonds Assigned 'AA' Rating

ENGLEWOOD (S&P Global Ratings) Sept. 8, 2023--S&P Global Ratings assigned its 'AA' long-term rating to the San Francisco Public Utilities Commission's (SFPUC, or Hetch Hetchy Power Enterprise) $118.5 million series 2023A power revenue bonds. At the same time, we affirmed our 'AA' long-term rating on the Power Enterprise's power revenue bonds outstanding. The outlook is stable. The 2023A bonds are being issued to refund approximately $118 million of commercial paper notes issued to finance various capital improvements of the Power Enterprise, and to fund capitalized interest on the series 2023A bonds "The Power Enterprise's overall credit quality is underpinned by its extremely strong liquidity position and fixed-charge coverage; carbon-free generating assets; primarily municipal customer base, and prudent rate-setting practices," said

...September 8, 2023 ENGLEWOOD (S&P Global Ratings) Sept. 8, 2023--S&P Global Ratings assigned its '##' long-term rating to the San Francisco Public Utilities Commission's (SFPUC, or Hetch Hetchy Power Enterprise) $118.5 million series 2023A power revenue bonds. At the same time, we affirmed our '##' long-term rating on the Power Enterprise's power revenue bonds outstanding. The outlook is stable. The 2023A bonds are being issued to refund approximately $118 million of commercial paper notes issued to finance various capital improvements of the Power Enterprise, and to fund capitalized interest on the series 2023A bonds "The Power Enterprise's overall credit quality is underpinned by its extremely strong liquidity position and fixed-charge coverage; carbon-free generating assets; primarily municipal customer base, and prudent rate-setting practices," said S&P Global Ratings credit analyst Alexandra Rozgonyi. "Offsetting these credit strengths are the significant projected decline in fixed-charge...

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