Standard&Poor's Ratings Services assigned its 'AA-' long-term rating, with a stable outlook, to San Francisco, Calif.'s 2009A certificates of participation (multiple capital improvement projects). At the same time, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's outstanding debt. The rating reflects our view of: The city's central role in the dynamic San Francisco Bay Area, supported by a healthy job market and its enduring appeal as a destination for business and tourists; Spending reductions and other actions that are meant to preserve balance in a time of declining revenues and spending pressures; and A moderate debt level. The certificates have an interest in San Francisco's covenant to budget and appropriate lease
