Standard&Poor's Ratings Services assigned its 'AA-' rating assigned to the City and County of San Francisco, Calif.'s $42.03 million lease revenue bonds, series 2007, issued on behalf of the San Francisco City and County Finance Corporation. In addition, Standard&Poor's affirmed its 'AA-' underlying rating (SPUR) to the city and county's debt. The rating reflects: A covenant to budget and appropriate lease payments; and The stability of the city's property tax base. The bonds are secured by the city's covenant to budget and appropriate lease payments from its open space fund, which receives 2.5% of the city's property tax revenue by city charter, net of certain set-aside requirements. A master lease agreement between the city and the
