Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to San Francisco City and County Finance Corp., Calif.'s series 2010-R1 lease revenue refunding bonds, issued on behalf of San Francisco City and County. The outlook is stable. The rating on the lease revenue bonds reflects our view of: The city and county's covenant to budget and appropriate lease 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. We understand that the series 2010-R1 lease revenue refunding bonds are refunding the series 1997, 1998, 1998-I and 1999-I lease revenue bonds, which were also issued by the
