Summary: San Francisco City and County; Appropriations; CP; General Obligation; Joint Criteria

S&P Global Ratings assigned its 'AAA' long-term rating to San Francisco City and County's $3.1 million series 2019B general obligation (GO) bonds and $92.7 million series 2019C GO bonds. At the same time, S&P Global Ratings assigned its 'AA+' long-term rating to the city and county's $239.9 million series 2019A certificates of participation (COPs) for its 49 South Van Ness Project and its $111.1 million series 2019-R1 refunding COPs. Finally, S&P Global Ratings affirmed the following ratings on debt associated with the city: 'AAA' long-term rating on the city's existing GO bonds; 'AA+' long-term rating and underlying rating on the city and county's appropriation obligations; 'AAA/A-1+' joint-support rating on the city and county's series 2008-1 and 2008-2 variable-rate lease revenue

...S&P Global Ratings assigned its '###' long-term rating to San Francisco City and County's $3.1 million series 2019B general obligation (GO) bonds and $92.7 million series 2019C GO bonds. At the same time, S&P Global Ratings assigned its '##+' long-term rating to the city and county's $239.9 million series 2019A certificates of participation (COPs) for its 49 South Van Ness Project and its $111.1 million series 2019-R1 refunding COPs. Finally, S&P Global Ratings affirmed the following ratings on debt associated with the city: + '###' long-term rating on the city's existing GO bonds; + '##+' long-term rating and underlying rating on the city and county's appropriation obligations; + '###/A-1+' joint-support rating on the city and county's series 2008-1 and 2008-2 variable-rate lease revenue obligations; and + 'A-1+' short-term rating on the city and county's series 1, 1-T, 2, and 2-T commercial paper (CP). The outlook, where applicable, is stable. We calculate that the city and county will...

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