The 'AA-p' rating on San Francisco City and County, Calif.'s lease revenue bonds, issued by the San Francisco City and County Finance Corp., reflects: San Francisco's role as obligor and lessee; The city and county's general creditworthiness; and The city and county's covenant to budget and appropriate lease payments. The bonds are secured by city and county lease rental payments. The proceeds from the series 2004A lease revenue bonds will be used to fund the city's equipment acquisition program. The rating is provisional pending the acquisition of the final pieces of equipment, some of which include vehicle replacement for various departments, including police, fire, and public works, as well as other items. All equipment is anticipated to be purchased by
