S&P Global Ratings assigned its 'A-1' short-term rating to San Francisco Public Utilities Commission's series A-3 (tax-exempt) and A-3-T (taxable) power commercial paper (CP) notes. The rating reflects the irrevocable direct-pay letter of credit (LOC) provided by Sumitomo Mitsui Banking Corp., acting through its New York branch. The issuer can issue up to an aggregate $100 million of series A-3 (tax-exempt) and A-3-T (taxable) CP notes with a maturity up to 270 days. The aggregate CP note amount cannot exceed the stated LOC amount and amounts due upon note maturity, funded in full, with amounts available under the LOC. When evaluating CP notes, we consider various risk factors. The LOC covers 270 days' interest accruals at a maximum rate of
