Standard&Poor's Ratings Services assigned its 'AA' rating to San Francisco City and County's series 2004A and B GO bonds. At the same time, Standard&Poor's affirmed the 'AA' rating on San Francisco's outstanding GO bonds. The rating reflects: A large, but slowed local economy with employment in a variety of industries, including tourism, high tech, financial and business services, manufacturing, retail trade, technology, and government; Sustained property value growth, which has been bolstered by strong residential demand with a 6.6% increase in assessed value (AV) over the past year, coupled with a high per capita market value, at $131,790 as of fiscal 2005; Above-average wealth and income levels with recent employment growth and a lowered unemployment rate
