S&P Global Ratings assigned its 'AAA' long-term rating to East Bay Municipal Utility District, Calif.'s anticipated $23.4 million series 2024 wastewater system revenue bonds. At the same time, we affirmed our 'AAA' long-term rating on the district's outstanding wastewater system revenue bonds. The outlook is stable. We understand that the district is issuing the series 2024 bonds to reimburse itself for capital improvements to the wastewater system. The district's wastewater system had about $338 million in outstanding parity debt prior to this issuance. During the last several years, the district has de-risked its entire variable-rate portfolio and the wastewater system has no outstanding short-term debt. We view the bond provisions as credit neutral. The series 2024 bonds are secured by
