Standard&Poor's Ratings Services assigned its 'AA-' rating to San Francisco, Calif.'s $124 million series 2007A and $32 million taxable series 2007B certificates of participation (COPs). In addition, the 'AA' rating and underlying rating (SPUR) on San Francisco's GO bonds and 'AA-' rating on its outstanding COPs were affirmed. The ratings reflect: A strong underlying economic base that is central to the San Francisco Bay Area; An improved financial condition, including better reserve levels and revenue performance than in recent years; and A moderate debt burden supported by a growing property tax base, as well as high wealth and income levels. The series 2007 A and B COPs are secured by lease payments payable from the city's general fund
