Standard&Poor's Ratings Services revised the outlook to stable from negative and affirmed its 'AA' long-term rating and underlying rating (SPUR) on San Francisco City&County, Calif.'s general obligation (GO) bonds outstanding and its 'AA-' rating and SPUR on the city's lease revenue bonds. The outlook revision reflects our view of the improvement in the city's general fund reserve to a level we consider strong, based on our GO criteria ratios, and the city's history of balancing the current-year budget sufficient to maintain its general reserve required by board policy despite recurring budget deficits. At the same time, we assigned our 'AA-' rating to the city's $35.5 million series 2013A certificates of participation (COPs). The rating on the
