...S&P Global Ratings affirmed its '###/A-1+' rating on San Francisco Finance Corp.'s series 2008-1 and 2008-2 lease revenue refunding bonds, issued on behalf of the Moscone Center expansion project. The ratings reflect the application of S&P Global Ratings' joint criteria using low correlation. The long-term components of the ratings reflect the joint support of respective irrevocable direct-pay letters of credit (LOCs) issued by TD Bank N.A. and San Francisco City & County's '##+' lease revenue bond rating. The short-term component of the ratings solely reflect the short-term rating of the respective LOC provider, TD Bank N.A. The affirmation on the series 2008-1 and 2008-2 bonds reflects the new direct-pay LOC from TD Bank N.A. that replaces the LOC provided by State Street Bank & Trust Co., effective as of June 1, 2022. The LOCs include 47 days' interest calculated at the maximum rate of 12% on the bonds. The interest component on the LOCs reinstates automatically on the sixth day following...
