Major Bond Rating Agencies Affirm San Francisco's Strong Credit
Mayor Gavin Newsom today welcomed the affirmation of bond ratings for the City and County of San Francisco by Moody’s Investors Service (Moody’s), Standard & Poor’s (S&P), and Fitch Ratings (Fitch). The bond rating affirmations were released by the rating agencies in connection with the City’s upcoming sale of approximately $135 million certificates of participation (COP) to refund four COP transactions for debt service savings.
Moody’s, S&P, and Fitch each recently affirmed the City’s Aa1, AA, and AA credit rating, respectively, on the City’s general obligation bonds and rated Aa2, AA-, and AA-, respectively, the City’s upcoming refunding COP transaction. The ratings reflect the one-notch distinction between general obligation bonds and general fund-secured lease obligations. Moody’s, S&P, and Fitch also maintained their rating outlooks. Read more.