S&P Global Ratings assigned its 'A-1+' short-term rating to the City and County of San Francisco, Calif.'s lease revenue commercial paper certificates of participation (LRCP COPs), Series 1, 1-T, 2, and 2-T. A The short-term rating on the 2016 LRCP COPs reflects our opinion of the city's strong general creditworthiness ('AA' appropriation rating) and a covenant to annually budget and appropriate amounts sufficient to pay quarterly minimum required rental payments for as long as the leased property is available for its use. Interest on base rental payments is due quarterly on Oct. 1, Jan. 1, April 1, and July 1, with the July 1 payment to be paid from the prior fiscal year's appropriation. The city and county has covenanted
