S&P Global Ratings assigned its 'AA' long-term rating to the San Francisco Public Utilities Commission's (SFPUC) anticipated $369.3 million 2023 Water Infrastructure Finance and Innovation Act (WIFIA) loan (3a) and $791.3 million WIFIA master agreement for its Wastewater Capital Resilience Program (under which the 2023 WIFIA loan is being issued). At the same time, we affirmed our 'AA' rating on the SFPUC's existing $699 million Biosolids WIFIA loan and $514 million Southeast Treatment Plant WIFIA loan. The outlook is stable. The 2023 WIFIA loan is being issued pursuant to a WIFIA master agreement between the U.S. Environmental Protection Agency (EPA) and the SFPUC. The master agreement provides for $793.3 million of WIFIA financing with an estimated final loan maturity in
