Fitch Ratings assigns an ‘AA-‘ rating to the following City and County of San Francisco, California (the city) certificates of participation (COPs):
–Approximately $125 million refunding COPs series 2015-R1 (City Office Buildings – Multiple Properties Project).
Proceeds will be used to refinance outstanding COPs and are expected to be sold via competitive sale on or about Oct. 7.
The Rating Outlook is Positive.
KEY RATING DRIVERS
EXCEPTIONALLY STRONG ECONOMIC BASE: San Francisco’s large and dynamic economy has seen continued strong labor force and employment growth rates. Taxable assessed valuation (TAV) growth remains robust. Wealth indicators are very strong and the tax and employment bases are very diverse.
Read more: Business Wire (press release) Fitch Rates San Francisco, CA’s $125MM COPs ‘AA-‘; Outlook Positive