The San Francisco Public Utilities Commission ended FY2025 with US$11,443.7 million of department-wide debt principal outstanding, excluding commercial paper, according to its audited financial report for the year ended June 30, 2025. In FY2016 the figure was US$5,552.5 million, and in FY2020 US$6,670.9 million.
Coverage held up
Coverage at the Water Enterprise improved as debt grew. Its operating revenues rose from US$419.5 million in FY2016 to US$678.6 million in FY2025, and debt service coverage on an indenture basis went from 1.79 to 2.17. SFPUC's policy minimum is 1.35x on that basis. Wastewater coverage was 3.64 in FY2025, down from 6.08 in FY2020.
More borrowing ahead
The 10-year capital plan adopted on February 10, 2026 totals US$12,559.0 million and is about 70% funded by debt. Borrowing has continued since the June 2026 schedules: in August 2026 SFPUC sold US$401.4 million of 2026 Series A wastewater bonds and US$285 million of Series B refunding bonds. On June 9, 2026 its Commission authorized up to US$493 million of refunding debt to retire Build America Bonds.
Ratings steady
In July 2026 S&P affirmed the Wastewater Enterprise at AA and revised its outlook from Negative to Stable, and Moody's affirmed Aa2. The Water Enterprise was rated Aa2 by Moody's and AA- by S&P as of March 31, 2026.
What the report adds
How the debt splits between the water and wastewater enterprises, what the rate path looks like through FY2028 and which projects drive the plan are set out in the full report. The full report, Utility Intelligence Profile: San Francisco Public Utilities Commission, is available for USD 99. For a free overview, read the San Francisco Public Utilities Commission Utility Snapshot.