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 of
San Francisco lease profits business paper certificates (CP certifications) containing tax-exempt
series 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 assistance
supplied by an irrevocable direct-pay letter of credit (LOC) issued by State Road Banking and also
Depend on Company, (State Road, rated 'A+/ F1+', Good Expectation). The LOC offers insurance
coverage for the primary quantity of the CP certifications as well as interest due on maturation dates
of the CP certifications.
The short-term 'F1+' score on the CP
certifications will certainly expire on the
earlier of Feb. 26, 2019, the expiry date
of the LOC, unless such day is extended,
or upon any prior termination of the
LOC.
UNITED STATE Bank National Organization, as the Shipment and Paying Rep (DPA) for the CP
certifications is routed to attract on the LOC to pay developing CP certificates. The LOC gives
adequate protection for certification issuance as much as $109,000,000 inclusive of passion
protection. 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 direct
the DPA to right away stop the issuance of any sort of extra CP certificates. The bank might likewise
supply a final illustration notice to the DPA routing the DPA to attract for all CP certificates
outstanding plus passion due thereon. In such occasion the LOC with end on the earlier to happen
of: (i) 15 days adhering to the invoice by the DPA of the final drawing notice; as well as (ii) the day
on 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 the
invoice of the last drawing notice. The earnings of the final illustration will certainly be held
uninvested 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 financial
institution offering the LOC and will certainly reflect all adjustments to that rating.
Additional info is offered at www.fitchratings.com.
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 with
Exterior Liquidity Assistance', Jan. 27, 2014.
Relevant Criteria as well as Related Study:
Ranking Standards for Variable-Rate Demand Obligations and Business Paper Issued with Outside
Liquidity Support
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730736
UNITED STATE Municipal Structured Finance Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=736618
Extra Disclosure
Solicitation Condition
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=821496
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