S&P Global Ratings affirmed its 'A-1' short-term rating on San Francisco Public Utilities Commission's tax-exempt subseries A-1 and taxable subseries A-1-T commercial paper (CP) notes (water series, proposition E). The rating reflects the credit and liquidity support Sumitomo Mitsui Banking Corp. provides for subseries A-1 and A-1-T CP notes in the form of an irrevocable direct-pay letter of credit (LOC). The LOC fully supports all CP note payment obligations. The issuer is authorized to issue up to $100 million for subseries A-1 and A-1-T CP notes with a maturity of 270 days. The aggregate amount of each subseries CP notes cannot exceed the stated LOC amount, and amounts due on the notes' maturity date are to be fully funded from
