Standard&Poor's Ratings Services assigned its 'AA-' rating to the San Francisco City&County, Calif.'s series 2011A and 2011B refunding certificates of participation, or COPs (Moscone Center Refunding Project), and its 'AA' rating to the city's series 2011-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's certificates of participation (COPs) and lease revenue bonds outstanding and its 'AA' rating and SPUR on the city's other GO bonds. The outlook is negative. The rating on the COPs and lease revenue bonds is one notch lower than the GO bond rating to reflect the appropriation risk associated with appropriation-backed obligations. The GO rating reflects
