San Francisco's Nearly $180 Million Certificates Of Participation Assigned 'AA+' Rating On Very Strong Reserve Levels

SAN FRANCISCO (S&P Global Ratings) Oct. 5, 2023--S&P Global Ratings assigned its 'AA+' long-term rating to San Francisco City and County (the city), Calif.'s approximately $103.9 million series 2023A certificates of participation (COPs), and approximately $79.3 million series 2023B COPs. At the same time, S&P Global Ratings affirmed its: 'AAA' long-term rating and underlying rating (SPUR) on San Francisco's outstanding general obligation (GO) debt; 'AA+' long-term rating and SPUR on the city's outstanding appropriation obligations; 'AAA/A-1+' joint support rating on the city's outstanding series 2008-1 and 2008-2 variable rate lease revenue obligations; and 'A-1+' short-term rating on the city's series 2&2-T and series 3&3-T lease revenue commercial paper (CP) certificates. The outlook, where applicable, is stable.  "Despite longer-term challenges, including a

...October 5, 2023 SAN FRANCISCO (S&P Global Ratings) Oct. 5, 2023--S&P Global Ratings assigned its '##+' long-term rating to San Francisco City and County (the city), Calif.'s approximately $103.9 million series 2023A certificates of participation (COPs), and approximately $79.3 million series 2023B COPs. At the same time, S&P Global Ratings affirmed its: - '###' long-term rating and underlying rating (SPUR) on San Francisco's outstanding general obligation (GO) debt; - '##+' long-term rating and SPUR on the city's outstanding appropriation obligations; - '###/A-1+' joint support rating on the city's outstanding series 2008-1 and 2008-2 variable rate lease revenue obligations; and - 'A-1+' short-term rating on the city's series 2&2-T and series 3&3-T lease revenue commercial paper (CP) certificates. The outlook, where applicable, is stable. "Despite longer-term challenges, including a sluggish recovery in the downtown office corridor with office vacancies remaining very high, we believe the...

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