Summary: San Francisco Public Utilities Commission; Water/Sewer

S&P Global Ratings assigned its 'AA-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s series 2019A, 2019B, 2019C, and 2019D water revenue bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The long-term rating reflects, in our opinion, the combination of an extremely strong enterprise risk profile and a strong financial risk profile. The outlook on the long-term ratings is stable. The water system serves San Francisco directly through retail accounts inside and outside the city, and is the main wholesale water source for 27 suburban retail water systems. Significant portions of the three East Bay and Peninsula counties rely on water from SFPUC, with 15

...S&P Global Ratings assigned its '##-' long-term rating to San Francisco Public Utilities Commission (SFPUC), Calif.'s series 2019A, 2019B, 2019C, and 2019D water revenue bonds. At the same time, we affirmed our '##-' long-term rating and underlying rating (SPUR) on SFPUC's existing water revenue bonds. The long-term rating reflects, in our opinion, the combination of an extremely strong enterprise risk profile and a strong financial risk profile. The outlook on the long-term ratings is stable. The water system serves San Francisco directly through retail accounts inside and outside the city, and is the main wholesale water source for 27 suburban retail water systems. Significant portions of the three East Bay and Peninsula counties rely on water from SFPUC, with 15 of the 27 wholesale customers nearly completely reliant on SFPUC water. The enterprise risk profile reflects our view of the water system's: + Very strong service area economic fundamentals, reflecting its location within the...

Summary