Summary: San Francisco Public Utilities Commission; CP; Water/Sewer

S&P Global Ratings assigned its 'AA' long-term rating to the San Francisco Public Utilities Commission's (SFPUC) $514 million series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Southeast Treatment Plant/Headworks Project) and $699 million series 2018 WIFIA Loan Replacement Agreement (Biosolids Project). At the same time, we affirmed our 'AA' long-term rating on the SFPUC's existing wastewater revenue bonds and our 'A-1+' short-term rating on the SFPUC's commercial paper (CP) notes. The long-term rating reflects the combination of the wastewater system's extremely strong enterprise risk profile and very strong financial risk profile. The outlook is stable. Wastewater revenue bond provisions are credit neutral, in our view. The bonds are secured by the net revenue of the wastewater system.

...S&P Global Ratings assigned its '##' long-term rating to the San Francisco Public Utilities Commission's (SFPUC) $514 million series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Southeast Treatment Plant/Headworks Project) and $699 million series 2018 WIFIA Loan Replacement Agreement (Biosolids Project). At the same time, we affirmed our '##' long-term rating on the SFPUC's existing wastewater revenue bonds and our 'A-1+' short-term rating on the SFPUC's commercial paper (CP) notes. The long-term rating reflects the combination of the wastewater system's extremely strong enterprise risk profile and very strong financial risk profile. The outlook is stable. Wastewater revenue bond provisions are credit neutral, in our view. The bonds are secured by the net revenue of the wastewater system. Key bond provisions include a rate covenant and an additional bonds test, both of which are set at 1.25x annual debt service. For the purpose of complying with the rate...

Summary