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) approximately $299.7 million wastewater revenue bonds. At the same time, we affirmed our: 'AA' rating on the SFPUC's existing wastewater revenue bonds; 'AA' rating on the SFPUC's series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Southeast Treatment Plant/Headworks Project); 'AA' rating on the SFPUC's series 2018 WIFIA loan replacement agreement (Biosolids Project); and 'A-1+' short-term rating on the SFPUC's commercial paper (CP) notes. The outlook, where applicable, is stable. Wastewater revenue bond provisions are credit neutral, in our view. The bonds and notes are secured by the net revenue of the wastewater system. Key bond and note provisions include a rate

...S&P Global Ratings assigned its '##' long-term rating to the San Francisco Public Utilities Commission's (SFPUC) approximately $299.7 million wastewater revenue bonds. At the same time, we affirmed our: + '##' rating on the SFPUC's existing wastewater revenue bonds; + '##' rating on the SFPUC's series 2020 Water Infrastructure Finance and Innovation Act (WIFIA) loan agreement (Southeast Treatment Plant/Headworks Project); + '##' rating on the SFPUC's series 2018 WIFIA loan replacement agreement (Biosolids Project); and + 'A-1+' short-term rating on the SFPUC's commercial paper (CP) notes. The outlook, where applicable, is stable. Wastewater revenue bond provisions are credit neutral, in our view. The bonds and notes are secured by the net revenue of the wastewater system. Key bond and note 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 covenant, the SFPUC may include its fund...

Summary