Standard&Poor's Ratings Services assigned its 'AA' long-term rating to San Francisco City&County, Calif.'s general obligation (GO) bonds, series 2013A, 2013B, and 2013C. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's GO bonds outstanding. The outlook is stable. The ratings reflect our opinion of the city's: Central role in the dynamic San Francisco Bay Area; Improved general fund performance and currently strong reserves; Strong financial management policies, including regular budget monitoring and expanded forecasting to five years from three; and Moderate debt burden. Somewhat offsetting the above strengths, in our view, are the city's projected budget deficits and a budget stabilization that is reliant on sustained economic recovery
