Summary: San Francisco; Appropriations; CP; General Obligation; Joint Criteria

S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to 'AA+' from 'AAA' on the City and County of San Francisco's existing general obligation (GO) debt and lowered its long-term rating and SPUR to 'AA' from 'AA+' on the city's appropriation obligations outstanding. At the same time, we assigned our 'AA+' long-term rating to the following GO bonds with anticipated par amounts: $15.15 million GO bonds (Embarcadero Seawall Earthquake Safety), series 2025A-1; $105.57 million taxable GO bonds (Embarcadero Seawall Earthquake Safety), series 2025A-2; $193.81 million GO bonds (Earthquake Safety and Emergency Response), series 2025B-1; $24.90 million taxable GO bonds (Earthquake Safety and Emergency Response), series 2025B-2; $67.43 million taxable GO bonds (social bonds--affordable housing), series 2025C; and $147.87

...+ S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) to '##+' from '###' on the City and County of San Francisco's existing general obligation (GO) debt and lowered its long-term rating and SPUR to '##' from '##+' on the city's appropriation obligations outstanding. + At the same time, we assigned our '##+' long-term rating to the following GO bonds with anticipated par amounts: $15.15 million GO bonds (Embarcadero Seawall Earthquake Safety), series 2025A-1; $105.57 million taxable GO bonds (Embarcadero Seawall Earthquake Safety), series 2025A-2; $193.81 million GO bonds (Earthquake Safety and Emergency Response), series 2025B-1; $24.90 million taxable GO bonds (Earthquake Safety and Emergency Response), series 2025B-2; $67.43 million taxable GO bonds (social bonds--affordable housing), series 2025C; and $147.87 million taxable GO bonds (social bonds--affordable housing), series 2025D. + We also affirmed the following: our '##+/A-1' joint support rating on the...

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