Standard&Poor's Ratings Services assigned its 'A-1+' rating to San Francisco City&County, Calif.'s lease revenue commercial paper (CP) certificates of participation (COPs), series 1 and 1-T. The rating is based on our view of a direct-pay letter of credit (LOC) from JPMorgan Chase Bank N.A. (AA-/A-1+). Standard&Poor's also assigned its 'A-1+' rating to the issuer's lease revenue CP COPs, series 2 and 2-T. The rating is based on our view of a direct-pay LOC from U.S. Bank, National Association (AA-/A-1+). Each LOC is sized to cover $50 million in principal and interest. The issuing and paying agent cannot issue CP in an amount that would exceed the amount available under each respective LOC. Any CP
