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San Diego Community Power wins A (stable) S&P rating; treasurer reports strong reserves amid public questions on debt and transparency
Summary
CEO Garren Burns announced San Diego Community Power received an A (stable) rating from S&P Global Ratings. Interim Treasurer Jeb Spangler reported a $176 million year‑to‑date net position, $640.3 million in investments and 231 days cash on hand; public commenters raised concerns about delinquent residential debt and audit transparency.
San Diego Community Power announced March 19 that S&P Global Ratings has assigned the agency an A rating with a stable outlook, a milestone that staff said will improve access to favorable financing and contract terms.
"I am pleased to share that Community Power has received an A, stable credit rating from S&P Global Ratings," CEO Garren Burns told the Finance & Risk Management Committee, saying the score reflects the agency’s diverse customer base, strong governance and a disciplined financial profile. Burns thanked staff and PFM municipal advisers for their work leading to the rating.
The rating was presented alongside the agency’s mid‑year financial report. Interim Treasurer Jeb Spangler told the committee that through Dec. 31, 2025 the agency posted approximately $762…
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