Standard&Poor's Ratings Services assigned its 'AA+' rating to San Francisco City&County's series 2014A (proposition A, 2008) general obligation (GO) bonds. In addition, Standard&Poor's affirmed its 'AA+' long-term rating and underlying rating (SPUR) on the city and county's GO bonds outstanding. The outlook is stable. Unlimited ad valorem taxes levied on taxable property within the city secure the GO bonds. The San Francisco Board of Supervisors has the power and obligation to levy these taxes without limitation as to rate or amount upon all taxable property in the city for the bonds' repayment. The ratings reflect our assessment of the following factors for the city. Very strong economy, which benefits from participation in the broad
