The 'AA-' rating on San Francisco City and County Redevelopment Agency, Calif.'s lease revenue refunding bonds, series 2004 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 certificates are secured by city and county lease payments for the use of a portion of its George R. Moscone Convention Center (Moscone Center). The 2004 bonds are secured by lease payments by the city and county of San Francisco for use of a portion of the Moscone Center known as Moscone South. Proceeds will entirely refund the outstanding series 1994 bonds with an estimated present value savings estimated at $10.3 million. The Moscone Center
