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SFPUC bond rating rises to AA; wastewater and water bond sales set for late May–July
Summary
Standard & Poor’s upgraded SFPUC wastewater bonds to AA and Moody’s recalibration places water and wastewater at AA; staff announced wastewater bond sales on May 26 and planned water sales on June 9 and July 21. Finance staff also proposed borrowing to support LED and renewable projects.
Todd Reedstrom, assistant general manager and chief financial officer, reported at the May 11 meeting that Standard & Poor’s upgraded the SFPUC’s wastewater ratings to AA (announced May 6) and that Moody’s recalibration also places water and wastewater in the AA category, citing improved long‑term financial planning and rate‑setting authority restored under Proposition E.
Reedstrom noted the rating agencies recognized the commission’s long‑term capital planning and financial management while also acknowledging aging infrastructure that will require substantial borrowing. He announced upcoming sales: wastewater bonds on Wednesday, May 26 (08:30 tax‑exempt, 09:30 Build America Bonds) and water bond sales scheduled June 9 and July 21.
Separately, staff brought a resolution to authorize reimbursement and to seek financing (CREF/QECB/CREB/low‑interest loans) for energy conservation projects including the LED streetlight conversion and three renewable projects; staff said it would pursue the lowest‑cost borrowing vehicle to benefit ratepayers.
