S&P Global Ratings assigned its 'AA+' long-term rating to the City of Hayward, Calif.'s $125 million series 2025 wastewater revenue bonds. S&P Global Ratings also assigned its 'AA+' long-term rating to the city's $244.1 million series 2025 wastewater Water Infrastructure Finance and Innovation Act (WIFIA) debt. The outlook is stable. We view favorably the front-end-loaded nature of the revenue bonds, as the WIFIA debt itself is back-loaded, with debt service beginning in fiscal 2034. The expected annual rate increases of about 12% annually through 2030, with further rate increases of at least 5% annually beyond that, being sufficient to maintain the robust financial profile of this rating, in our view. Both series of debt are based on a net revenue senior-lien
