Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to the City and County of San Francisco, Calif.'s series 2010A refunding certificates of participation (COPs). The outlook is stable. The rating on the COPs reflects our view of: The city and county's covenant to budget and appropriate base rental payments; The city and county's general creditworthiness; and The appropriation risk associated with appropriation-backed obligations, resulting in lease revenue bonds being rated one notch below the city and county's general obligation (GO) rating (AA). We understand that the series 2010A COPs are refunding the series 1997, 1999, 2000, 2001-1 COPs. The COPs represent an interest in base rental payments made by the city to the trustee. Additionally, the city-county covenants
