The 'AA' rating on San Francisco City and County, Calif.'s series 2005 GO bonds reflects: A broad and diverse economic base that is demonstrating signs of moderate recovery from several years of recession; Economically sensitive revenues that could aid the city in current and future years' budget cycles; and A moderate debt burden supported by a growing property tax base as well as high wealth and income levels. The GO bonds are secured by an unlimited pledge of ad valorem property taxes. San Francisco's economic base is recovering from recession at a moderate pace. The city's revenue mix is sensitive to the economy, with some reliance on hotel and sales taxes. Thus, if the current trend holds, the city should
