Moody’s Investors Service has assigned an Aa3 rating to the City and County of San Francisco’s (CA) Certificates of Participation (War Memorial Veterans Building Seismic Upgrade and Improvements) Series A (Tax-Exempt) totaling approximately $105.8 million and Series B (Taxable) totaling approximately $23.2 million. Moody’s maintains an Aa1 rating on the city’s outstanding general obligation bonds totaling approximately $2.0 billion. Moody’s also maintains an Aa3 rating on the city’s outstanding lease-backed securities totaling approximately $1.0 billion and an A1 rating on the city’s outstanding equipment lease securities.
SUMMARY RATING RATIONALE
The city’s Aa1 general obligation bond rating reflects the strength of the City and County’s (city’s) tax base, which remains strong and is poised for continued growth for the next five years, largely fueled by continued growth in the technology sector.
Read more: Moodys.com (press release) Moody’s assigns Aa3 to City and County of San Francisco’s (CA …