Standard&Poor's Ratings Services revised the rating outlook to negative from stable on San Francisco City and County Finance Corp., Calif.'s debt outstanding issued for San Francisco City and County. At the same time, we assigned our 'AA-' long-term rating to the corporation's series 2011A lease revenue bonds, issued on behalf of the city. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the city's certificates of participation (COPs) and lease revenue bonds outstanding and its 'AA' rating and SPUR on the city's other general obligation (GO) bonds. The negative outlook is based on our opinion of the city's persistent structural budget imbalances and reliance on reserves to partially offset revenue
