S&P Global Ratings assigned its 'A-1' rating to San Francisco Public Utilities Commission's series A-2 commercial paper (CP) tax-exempt notes (power series). The rating reflects our view of the support Sumitomo Mitsui Banking Corp. provides in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, Sumitomo Mitsui Banking Corp. fully supports all note payment obligations. The issuer is authorized to issue up to $125 million with a maximum maturity of 270 days. The aggregate amount of CP notes cannot exceed the LOC's stated amount, and the LOC's available amount fully funds amounts due upon note maturity. When evaluating CP notes, we consider various risk factors. The LOC covers 270 days' interest accruals at a maximum rate
