Standard&Poor's Ratings Services assigned its 'AA-' underlying rating (SPUR) to San Francisco City and County, Calif.'s refunding certificates of participation (COPs), series 2004-R1, issued for the Courthouse Project, and affirmed the 'AA-' rating on San Francisco's outstanding COPs, reflecting: San Francisco's role as obligor and lessee; The city's general creditworthiness; The city's covenant to budget and appropriate lease payments; and The strong essentiality of the leased asset, the Civic Center Courthouse. The certificates are secured by city and county lease payments for the use of its courthouse. The proceeds will be used to refund all of the outstanding COPs series 1995 (San Francisco Courthouse Project) and are parity with the outstanding series 2001-1 (San Francisco Courthouse and 25
