...S&P Global Ratings assigned its 'A-1+' short-term rating to the San Francisco Public Utilities Commission (SFPUC), Calif.'s series A-4 commercial paper (CP) notes (wastewater series, Proposition E). At the same time, we affirmed our '##' long-term rating on SFPUC's existing wastewater revenue bonds, and affirmed our 'A-1+' short-term rating on SFPUC's existing series A-4 and A-6 commercial paper notes. The outlook, where applicable, is stable. We base the short-term ratings on the series A-4 and A-6 CP notes on the SFPUC wastewater system's general creditworthiness, which is supported by its extremely strong enterprise risk profile and its very strong financial risk profile. Because we view the SFPUC as having market access commensurate with its strong '##' long-term rating, and because the SFPUC would likely be able to complete a revenue bond sale within a reasonable timeframe should it not be able to roll over the notes, we do not view the commercial paper program as a material contingent...
