The affirmed 'AA' rating on the City and County of San Francisco, Calif.'s outstanding GO bonds reflects: A large, but slowing, local economy with employment in a variety of industries, including tourism, high tech, financial and business services, manufacturing, retail trade, technology, and government; Sustained--albeit slower than the past two calendar years--property value growth, with a 4.3% increase over the past year, coupled with a high per capita market value, at $123,980 as of fiscal 2004; Above-average wealth and income levels with a recent drop in unemployment to below the state and national averages, at 4.9% as of 2004; and A continued strained financial position due to a slowing economic environment, which is reflected by declining revenues, increased costs, and
