Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to San Francisco City&County's series 2015-R1 general obligation (GO) refunding bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city and county's existing GO bonds and the 'AA' rating and SPUR on the city and county's existing appropriation obligations. Finally, Standard&Poor's affirmed its 'AAA/A-1+' split rating on obligations that have received joint credit support. The outlook on all long-term ratings is stable. Unlimited ad valorem taxes levied on taxable property within the city and county secure the GO bonds. The San Francisco Board of Supervisors has the power and obligation to levy these taxes without limitation
