S&P Global Ratings assigned its 'AA+' long-term rating to San Francisco City&County, Calif.'s general obligation (GO) bonds, series 2016F. At the same time, S&P Global ratings affirmed its: 'AA+' long-term rating on the city and county's GO debt outstanding, 'AA' long-term rating and underlying rating (SPUR) on the city and county's appropriation obligations outstanding, 'AA+/A-1+' joint-support rating on the city and county's 2008 variable-rate lease revenue obligations, and 'A-1+' short-term rating on the city and county's commercial paper (CP) program. The outlook, where applicable, is stable. Revenue from unlimited ad valorem taxes levied on taxable property within the city and county secures the GO bonds. The San Francisco Board of Supervisors has the power and obligation to levy
