...S&P Global Ratings affirmed its 'A-1+' short-term rating to the San Francisco Public Utilities Commission's (SFPUC) series A-4 wastewater revenue commercial paper (CP) notes, upon the planned execution of a new revolving credit agreement. At the same time, S&P Global Ratings affirmed its 'A-1+' short-term rating on SFPUC's existing CP notes. The SFPUC's CP program, authorized in the amount of $675 million, along with the revolving bank credit agreement, are a part of its ongoing capital program funding strategy. The short-term CP ratings are based on the wastewater enterprise's long-term general creditworthiness (##/Stable), reflecting our view of its financial reserves and its ability to tap capital markets to refinance its CP notes with long-term debt. We do not view the CP program as a material contingent liquidity risk for the wastewater system. We also consider the SFPUC's liquidity position sufficient to cover interest payments, though interest can be capitalized into new notes until...
