S&P Global Ratings assigned its 'AA' long-term rating to San Francisco City&County, Calif.'s series 2016A certificates of participation (COPs), War Memorial Veterans Building Seismic Upgrade and Improvements, which are an appropriation obligation of the city and county. The outlook is stable. The 2016A COPs represent an interest in lease payments that the city and county make, as lessee, for the use of capital facilities, and a covenant to annually budget and appropriate base rental payments. The city and county has covenanted to maintain at least 24 months' business interruption insurance to mitigate the risk of base rental abatement during any period for which the property is not available for use, and the leased property meets or exceeds our
