S&P Global Ratings assigned its 'AA' long-term rating to the City and County of San Francisco's anticipated $48.945 million certificates of participation (COPs; Treasure Island -- Stage 2 Infrastructure Projects), series 2025B. 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 a facility currently operated by the San Francisco Police Department as the leased asset secure the 2025B COPs. We note that these asset has been fully constructed and meets our minimum requirements for seismic resilience during the term of the COPs. Although the series 2025B COPs do not have the added security of a debt service reserve fund, we believe the payment schedule
