Summary: San Francisco Public Utilities Commission, California; Water/Sewer

S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s $320.8 million series 2020ABCD water revenue bonds and $684.9 million series 2020EFGH taxable water revenue refunding bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The outlook is stable. Proceeds of the series 2020 ABCD issuance may be used to fund water enterprise capital projects as follows: Sub-Series A will refund approximately $180 million in outstanding CP issued in connection with the Water System Improvement Program (WSIP); Sub-Series B will fund approximately $165 million in capital projects budgeted for Regional Water projects; Sub-Series C will fund approximately $95 million in capital projects

...S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s $320.8 million series 2020ABCD water revenue bonds and $684.9 million series 2020EFGH taxable water revenue refunding bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The outlook is stable. Proceeds of the series 2020 ABCD issuance may be used to fund water enterprise capital projects as follows: + Sub-Series A will refund approximately $180 million in outstanding CP issued in connection with the Water System Improvement Program (WSIP); + Sub-Series B will fund approximately $165 million in capital projects budgeted for Regional Water projects; + Sub-Series C will fund approximately $95 million in capital projects budgeted for Local Water projects; and + Sub-Series D will refund approximately $49 million in outstanding commercial paper (CP) issued in connection with Hetch Hetchy Water capital...

Summary