S&P Global Ratings assigned its 'AAA' long-term rating to East Bay Municipal Utility District, Calif.'s series 2017A wastewater system revenue/refunding bonds. At the same time, we affirmed our 'AAA' long-term rating and underlying rating (SPUR) on the district's existing wastewater system revenue bonds and our 'A-1+' short-term rating on the district's extendable commercial paper (ECP) notes (wastewater series). The ratings reflect, in our opinion, the combination of an extremely strong enterprise risk profile and an extremely strong financial risk profile. The outlook, where applicable, is stable. The enterprise risk profile reflects our view of the wastewater system's: Service area participation in the broad and diverse San Francisco metropolitan area economy; Very low industry risk as a monopolistic service provider of
