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The issuer is set to come to market with general revenue bonds the week of Jan. 21, according to its investor website.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

The county said this action will reduce its debt service costs by $115.9 million over the next six years.

The reserve should have enough to cover bond payments for a year, according to an observer.

The Investment Company Institute reported more outflows from municipal bond mutual funds for the week ending Dec. 13, with investors pulling $588 million from the funds.

Increasing capital requirements for banks may incentivize them to buy Treasuries over other assets, including munis, said market participants.

"It's important that we start to move rates down," Harker said Wednesday in a local radio interview. "We don't have to do it too fast, and we're not going to do it right away."

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

The county plans to sell $2.5 billion of tax-exempt sewer revenue warrants to refund the debt issued to finance its 2013 exit from Chapter 9 bankruptcy.

A gain of more than 4,000 residents came amid population gains in much of the Bay Area and as a counterpoint to a "doom loop" narrative about San Francisco.