SAN FRANCISCO (Standard&Poor's) Sept. 30, 2015--Standard&Poor's Ratings Services assigned its 'AA' long-term rating to San Francisco City and County's series 2015-R1 refunding certificates of participation (COPs), which is an appropriation obligation of the city and county. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city and county's existing general obligation (GO) bonds and its 'AA' long-term rating and SPUR on the city and county's existing appropriation obligations. Finally, Standard&Poor's affirmed its 'AAA/A-1+' dual rating on the city and county's obligations that have received joint credit support. The outlook, where applicable, is stable. "The ratings reflect our assessment of such factors as the city and
