S&P Global Ratings assigned its 'AA' long-term rating to the City and County of San Francisco's anticipated $19.3 million certificates of participation (COPs; Concourse Garage Project), series 2025. The outlook is negative. Base rental payments by the city, as lessee, to the U.S. Bank Trust Co. N.A., the lessor, for the use of the city's Golden Gate Park Concourse Garage as the leased asset secure the 2025 COPs. We note that these assets have been fully constructed and meet our minimum requirements for seismic resilience during the term of the COPs. Although the series 2025 COPs do not have the added security of a debt service reserve fund, we believe the payment schedule mitigates risk related to late budget adoption,
