Standard&Poor's Ratings Services assigned its 'A-1+' rating to San Francisco City&County's series 3 and 3-T tax-exempt and taxable lease revenue commercial paper (CP) certificates of participation (COPs). The rating reflects our view of credit and liquidity support that State Street Bank&Trust Co. (A-1+) provides to the COPs in the form of an irrevocable direct-pay letter of credit (LOC). Under the LOC, State Street Bank&Trust Co. fully supports all CP note payment obligations. For additional information, see the full analysis, published March 5, 2014, on RatingsDirect. USPF Criteria: Commercial Paper, VRDO, And Self-Liquidity, July 3, 2007 Criteria: Methodology And Assumptions: Approach To Evaluating Letter Of Credit-Supported Debt, July 6, 2009
