...October 23, 2024 SAN FRANCISCO (S&P Global Ratings) Oct. 23, 2024--S&P Global Ratings assigned its '##+' long-term rating to San Francisco, Calif.'s anticipated $118.2 million series 2024A certificates of participation (COPs). S&P Global Ratings also affirmed its: - '###' long-term rating and underlying rating (SPUR) on San Francisco's outstanding general obligation (GO) debt; - '##+' long-term rating and SPUR on the city's outstanding appropriation obligations; - '##+/A-1' joint support rating on the city's outstanding series 2008-1 and 2008-2 variable rate lease revenue obligations; and - 'A-1+' short-term rating on the city's series 2&2-T and series 3&3-T lease revenue commercial paper (CP) certificates. The outlook, where applicable, is negative. "The rating reflects our view that despite maintaining very strong general fund reserves in fiscal 2023, San Francisco's forecast consecutive deficits in the coming years could, in the absence of corrective action or a materially stronger revenue...
