S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s anticipated $819.4 million series 2023A, B, C, and D water revenue bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on SFPUC's outstanding water revenue bonds. The outlook is stable. Proceeds from the series 2023 issuance will be used to defease about $299.8 million of outstanding commercial paper (CP) notes issued for the water system's capital program, fund $111.4 million of additional projects, and refund existing bonds for debt service savings through a tender offer. We understand the SFPUC has a 5% net present value savings threshold for proceeding with this refunding, therefore, the size of the transaction may
