Standard&Poor's Ratings Services assigned its 'AA' rating to San Francisco City and County, Calif.'s $63.67 million series 2006 R-2 GO refunding bonds. In addition, Standard&Poor's affirmed its 'AA' rating on San Francisco's $1.23 billion in outstanding GO bonds and 'AA-' rating on its $693.4 million in outstanding appropriations bonds. San Francisco's credit rating reflects: A strong underlying economic base that is central to the San Francisco Bay Area; An improved financial condition, including better reserve levels and revenue performance than in recent years; and A moderate debt burden supported by a growing property tax base, as well as high wealth and income levels. The GO bonds are secured by an unlimited pledge of ad valorem property
