SAN FRANCISCO (Standard&Poor's) Feb. 17, 2012--Standard&Poor's Ratings Services assigned its 'AA' rating to San Francisco City&County, Calif.'s series 2012A, 2012B, and 2012C general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's GO bonds outstanding. The outlook is negative. "The rating reflects our view of the city's central role in the dynamic San Francisco Bay Area, recurring budget deficits and a history of balancing the current-year budget sufficient to maintain its general reserve required by board policy, strong financial management policies," said Standard&Poor's credit analyst Misty Newland. While the city's long-term economic prospects are positive, in our opinion, persistent
