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's expected $95.9 million series 2021-R1 and expected $87.8 million 2021-R2 general obligation (GO) bonds, and its 'AA+' long-term rating to the city and county's expected series $80.2 million 2021A certificates of participation (multiple capital improvement projects). At the same time, S&P Global Ratings affirmed the following ratings: 'AAA' long-term rating and underlying rating (SPUR) on San Francisco's previously issued general obligation (GO) bonds; 'AA+' long-term rating and SPUR on the city and county's previously issued appropriation obligations; 'AAA/A-1+' joint support rating on the city and county's previously issued 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,

...S&P Global Ratings assigned its '###' long-term rating to San Francisco's expected $95.9 million series 2021-R1 and expected $87.8 million 2021-R2 general obligation (GO) bonds, and its '##+' long-term rating to the city and county's expected series $80.2 million 2021A certificates of participation (multiple capital improvement projects). At the same time, S&P Global Ratings affirmed the following ratings: + '###' long-term rating and underlying rating (SPUR) on San Francisco's previously issued general obligation (GO) bonds; + '##+' long-term rating and SPUR on the city and county's previously issued appropriation obligations; + '###/A-1+' joint support rating on the city and county's previously issued 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 negative. We calculate that the city and county will have approximately $5.5 billion...

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