Standard&Poor's Ratings Services assigned its 'AA' rating to San Francisco City and County, Calif.'s $140.555 million series 2006 R-1 GO refunding bonds. In addition, the 'AA' rating on San Francisco's $1.23 billion in outstanding GO bonds and 'AA-' rating on its $682.5 million in outstanding appropriations bonds were affirmed. San Francisco's credit rating reflects: A strong underlying economic base that is central to the San Francisco Bay Area; An improved financial condition, including better reserve levels and revenue performance than in recent years; 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. As the
