Standard&Poor's Ratings Services assigned its 'A-1+' rating to San Francisco City&County's series 3 and 3-T tax-exempt and taxable lease revenue commercial paper (CP) certificates of participation (COPs). The rating reflects our view of credit and liquidity support that State Street Bank&Trust Co. (A-1+) provides to the COPs in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, State Street Bank&Trust Co. fully supports all CP note payment obligations. Under this structure, the issuer (San Francisco City&County) can issue up to $100 million in CP notes with a maximum maturity of 270 days. The CP notes' aggregate amount cannot exceed the LOC's stated amount, and available amounts
