Standard&Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA+' from 'AA' on San Francisco City&County, Calif.'s general obligation (GO) bonds outstanding and raised its long-term rating and SPUR to 'AA' from 'AA-' on the city's lease revenue bonds and certificates of participation (COPs). The raised ratings are based on our recently released local GO criteria. At the same time, Standard&Poor's assigned its 'AA' rating to the city's series 2013B and 2013C COPs. The outlook is stable. The COPs represent an interest in base rental payments made by the city, as lessee, to the Trustee (U.S. Bank National Association), as lessor, for the use of certain city facilities. We understand that
