...S&P Global Ratings raised its long-term rating to '##' from '##-' on Pacifica, Calif.'s wastewater revenue bonds. The rating reflects, in our opinion, the combination of an extremely strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. We revised our rating based on the city's completing the construction of its wet weather equalization basin and continued efforts to decrease sewer system overflows under the 2011 consent decree, in combination with city council's approved five-year rate schedule that we anticipate will provide the necessary revenue to fund the capital program while restoring strong coverage metrics. 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 an essential public utility; + Affordable service rates, despite planned rate increases in the context...
