S&P Global Ratings assigned its 'AA' long-term rating to the San Francisco Public Utilities Commission's (SFPUC, or Hetch Hetchy Power Enterprise) $118.5 million series 2023A power revenue bonds. At the same time, we affirmed our 'AA' long-term rating on the Power Enterprise's power revenue bonds outstanding. The outlook is stable. The series 2023A bonds are secured by net revenues of the Power Enterprise, which excludes CleanPowerSF. The 2023A bonds are being issued to refund approximately $118 million of commercial paper (CP) notes issued to finance various capital improvements of the Power Enterprise, and to fund capitalized interest on the series 2023A bonds. The Power Enterprise had about $205 million in total debt as of fiscal 2022: $160 million in senior
