Summary: San Francisco City and County; General Obligation

S&P Global Ratings assigned its 'AAA' long-term rating to San Francisco City and County's expected $122.8 million series 2021C general obligation (GO) bonds, its expected $303.3 million series 2021D GO bonds, and its expected $87.4 million series 2021E GO bonds. The outlook is negative. We calculate that the city and county will have approximately $6.2 billion in governmental debt, including institutionally linked tax increment and special assessment debt, outstanding at the end of fiscal 2021. Revenue from unlimited ad valorem taxes levied on all taxable property, without limitation as to rate or amount, secures the new and previously issued GO bonds. The city and county will use the proceeds of the series 2021C to improve transportation corridors, including capital improvements

...S&P Global Ratings assigned its '###' long-term rating to San Francisco City and County's expected $122.8 million series 2021C general obligation (GO) bonds, its expected $303.3 million series 2021D GO bonds, and its expected $87.4 million series 2021E GO bonds. The outlook is negative. We calculate that the city and county will have approximately $6.2 billion in governmental debt, including institutionally linked tax increment and special assessment debt, outstanding at the end of fiscal 2021. Revenue from unlimited ad valorem taxes levied on all taxable property, without limitation as to rate or amount, secures the new and previously issued GO bonds. The city and county will use the proceeds of the series 2021C to improve transportation corridors, including capital improvements to roads, sidewalks, and bicycle infrastructure under a 2014 GO authorization that will be fully exercised after the issuance of the series 2021C. The series 2021D will be deployed to fund capital acquisition and...

Summary