Press Release

New York, November 26, 2019 -- Moody's Investors Service has upgraded the rating on the San Francisco Public Utilities Commission, CA (SFPUC) Water Enterprise's revenue bonds to Aa2 from Aa3. We have also assigned a Aa2 rating to the enterprise's $628.3 million San Francisco Water Revenue Bonds, 2019 Series ABCD, 2019 Sub-Series A Bonds (Refunding - Federally Taxable) (WSIP) (Green Bonds), $16.2 million 2019 Sub-Series B Bonds (Refunding - Federally Taxable) (Hetch Hetchy), $17.5 million 2019 Sub-Series C Bonds (Refunding - Federally Taxable) (Local Water Main) and $28.5 million 2019 Sub-Series D Bonds (Federally Taxable) (WSIP) (Green Bonds). The bonds have a preliminary total expected par value of $690,440,000. We have also upgraded the rating on the enterprise's subordinate lien bank bonds to Aa3 from A1. The outlook is stable.