Standard&Poor's Ratings Services assigned its 'AA' rating to the City and County of San Francisco, Calif.'s series 2004-R1 GO refunding bonds and affirmed the 'AA' rating on San Francisco's outstanding GO bonds. The rating 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
