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, Calif.'s series 2022A wastewater system revenue bonds and series 2022B 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 outlook, where applicable, is stable. We understand that the district is issuing the series 2022 bonds to reimburse the district for capital improvements to the wastewater system as well as to refinance a portion of its existing obligations for debt service savings. The district's wastewater system has about $389 million in existing parity

...S&P Global Ratings assigned its '###' long-term rating to East Bay Municipal Utility District, Calif.'s series 2022A wastewater system revenue bonds and series 2022B wastewater system revenue refunding bonds. At the same time, we affirmed our '###' 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 outlook, where applicable, is stable. We understand that the district is issuing the series 2022 bonds to reimburse the district for capital improvements to the wastewater system as well as to refinance a portion of its existing obligations for debt service savings. The district's wastewater system has about $389 million in existing parity debt and an additional $9.3 million of ECP notes that are junior to the bonds. We view the bond provisions as credit neutral. The series 2022A and 2022B bonds are secured by a pledge of subordinate...

Summary