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Fitch Rates City & Cnty of San Francisco (CA) Lease Rev CP Certificates, Ser 3 and 3T 'F1+'

NEW YORK--(BUSINESS CABLE)-- Fitch Scores appoints a rating of 'F1+' to the City and County
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  Fitch Rates City & Cnty of San Francisco (CA) Lease Rev CPCertificates, Ser 3 and 3T 'F1+' NEW YORK--(BUSINESS CABLE)-- Fitch Scores appoints a rating of 'F1+' to the City and County of San Francisco lease profits business paper certificates (CP certifications) containing tax-exemptseries 3 and taxable series 3-T in an aggregate principal amount not to exceed $100,000,000.SECRET RANKING DRIVERS:The 'F1+' score assigned to the series 3 and 3T CP certifications is based upon the assistancesupplied by an irrevocable direct-pay letter of credit (LOC) issued by State Road Banking and alsoDepend on Company, (State Road, rated 'A+/ F1+', Good Expectation). The LOC offers insurancecoverage for the primary quantity of the CP certifications as well as interest due on maturation datesof the CP certifications.The short-term 'F1+' score on the CPcertifications will certainly expire on theearlier of Feb. 26, 2019, the expiry dateof the LOC, unless such day is extended,or upon any prior termination of theLOC.UNITED STATE Bank National Organization, as the Shipment and Paying Rep (DPA) for the CPcertifications is routed to attract on the LOC to pay developing CP certificates. The LOC givesadequate protection for certification issuance as much as $109,000,000 inclusive of passionprotection. Citigroup Global Markets, Inc., Loop Resources Markets LLC., Wells Fargo Bank, N.A.,and UNITED STATE Bancorp Investments, Inc. are the suppliers for the CP certifications. All CP certifications will certainly be released at the same level, with interest due at maturation.Complying with the incident of an occasion of default under the LOC, the LOC banking might directthe DPA to right away stop the issuance of any sort of extra CP certificates. The bank might likewisesupply a final illustration notice to the DPA routing the DPA to attract for all CP certificatesoutstanding plus passion due thereon. In such occasion the LOC with end on the earlier to happenof: (i) 15 days adhering to the invoice by the DPA of the final drawing notice; as well as (ii) the dayon which the drawing arising from the delivery of the final drawing notification is honored. The DPA is advised to attract on the LOC no later than business day prior to the fifteenth day following theinvoice of the last drawing notice. The earnings of the final illustration will certainly be helduninvested in a set apart payment account till all impressive CP maturities are paid.Proceeds will be made use of to fund specific capital projects.SCORE LEVEL OF SENSITIVITIES:The score is specifically connected to the short-term score that Fitch keeps on the financialinstitution offering the LOC and will certainly reflect all adjustments to that rating.   Additional info is offered at Applicable Standards and Related Research:--'UNITED STATE Municipal Structured Finance Standard', Feb. y 24, 2014;--'Rating Guidelines for Variable-Rate Need Obligations and also Industrial Paper Issued withExterior Liquidity Assistance', Jan. 27, 2014.Relevant Criteria as well as Related Study:Ranking Standards for Variable-Rate Demand Obligations and Business Paper Issued with OutsideLiquidity Support STATE Municipal Structured Finance Criteria DisclosureSolicitation Condition ALL FITCH CREDIT HISTORY RATINGS UNDERGO CERTAIN RESTRICTIONS AND DISCLAIMERS.PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS WEB LINK:HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. ADDITIONALLY, RATINGDEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'SPUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA ANDMETHODOLOGIES ARE OFFERED FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT,CONFIDENTIALITY, DISPUTES OF PASSION, MEMBER FIREWALL PROGRAM, COMPLIANCE AND ALSO VARIOUS OTHER APPROPRIATE PLANS As Well As TREATMENTS ARE ADDITIONALLY OFFERED FROM THE 'CODE OF CONDUCT' SECTION OF THIS WEBSITE. FITCH MAY HAVESUPPLIED ANOTHER PERMISSIBLE SERVICE TO THE RANKED COMPANY OR ITS RELATEDTHIRD PARTIES. DETAILS OF THIS SOLUTION FOR SCORES FOR WHICH THE LEAD ANALYST ISBASED IN AN EU-REGISTERED ENTITY CANISTER BE BASE ON THE ENTITY SUMMARY PAGEFOR THIS ISSUER ON THE FITCH INTERNET SITE.
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