March 6, 2023 Direct-pay letter of credit (LOC) Bank of America N.A. (rating dependency*) U.S. Bank Trust Co. N.A. S&P Global Ratings affirmed its 'A-1' short-term rating on San Francisco Public Utilities Commission's (SFPUC) series A-2 commercial paper (CP) (power revenue) tax-exempt notes. The rating reflects the credit and liquidity support Bank of America N.A. provides for the CP notes in the form of an irrevocable direct-pay LOC. The LOC fully supports all CP note payment obligations. SFPUC is authorized to issue up to $125 million of series A-2 CP notes with a maturity of 270 days. The aggregate amount of CP notes cannot exceed the stated LOC amount, and the amounts due on notes' maturity date are to be
