Summary: East Bay Municipal Utility District, California; CP; Water/Sewer

S&P Global Ratings assigned its 'AAA' long-term rating to East Bay Municipal Utility District (MUD), Calif.'s series 2019A water system revenue bonds (green bonds). At the same time, S&P Global Ratings affirmed its 'AAA' long-term rating and underlying rating (SPUR) on the district's existing water system revenue bonds, the 'AAA' long-term component of the dual ratings on the district's variable-rate bonds, and its 'A-1+' short-term rating on the district's commercial paper (CP) notes (water series). The outlook, where applicable, is stable. The ratings reflect our opinion of the combination of the MUD's extremely strong enterprise and financial risk profiles. The enterprise risk profile reflects our view of the water system's: Service area participation in the broad and diverse San Francisco

...S&P Global Ratings assigned its '###' long-term rating to East Bay Municipal Utility District (MUD), Calif.'s series 2019A water system revenue bonds (green bonds). At the same time, S&P Global Ratings affirmed its '###' long-term rating and underlying rating (SPUR) on the district's existing water system revenue bonds, the '###' long-term component of the dual ratings on the district's variable-rate bonds, and its 'A-1+' short-term rating on the district's commercial paper (CP) notes (water series). The outlook, where applicable, is stable. The ratings reflect our opinion of the combination of the MUD's extremely strong enterprise and financial risk profiles. The enterprise risk profile reflects our view of the water system's: + Service area participation in the broad and diverse San Francisco metropolitan statistical area (MSA) economy; + Very low industry risk as a monopolistic service provider of an essential public utility; + Affordable service rates relative to the service area's...

Summary