Fitch Ratings assigns an ‘AA-‘ rating to the following City and County of San Francisco, California (the city) certificates of participation (COPs):
–$110 million COPs (War Memorial Veteran’s Building Seismic Upgrade and Improvements), series 2015A;
–$25 million COPs (War Memorial Veteran’s Building Seismic Upgrade and Improvements), series 2015B (federally taxable).
Proceeds will be used to make seismic and other improvements to the War Memorial Veteran’s Building as well as to fund capitalized interest and a debt service reserve fund. The COPs are expected to be sold via competitive sale on or about the week of July 13.
In addition, Fitch affirms the ‘AA’ rating on $2.0 billion in outstanding city general obligations (GO) bonds and the ‘AA-‘ rating on approximately $1 billion in various city and San Francisco Finance Corporation (corporation) lease revenue bonds. A full list of ratings follows at the end of this release.
Read more: Business Wire (press release) Fitch Rates $135MM San Francisco, CA COPs ‘AA-‘; Outlook Positive