Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and a stable outlook to the City and County of San Francisco, Calif.'s 2009B certificates of participation (COPs). At the same time, Standard&Poor's affirmed its 'AA-' long-term and underlying ratings (SPUR) on the city's outstanding debt. The rating reflects our view of the city's: Central role in the dynamic San Francisco Bay Area; Substantial spending reductions to address a continued contraction in local revenue receipts; and Moderate debt level. The certificates have an interest in San Francisco's covenant to budget and appropriate lease payments for the use of an asset. They have an additional interest in a debt service reserve. Lease payments are to be made from any
