Los Angeles, CA Refunding Lease Revenue Bonds Assigned 'A+' Rating

SAN FRANCISCO (Standard&Poor's) April 28, 2016--Standard&Poor's Ratings Services assigned its 'A+' rating to Municipal Improvement Corp. of Los Angeles , Calif.'s series 2016-A (capital equipment) and 2016-B (real property) refunding lease revenue bonds, issued for Los Angeles, Calif. At the same time, Standard&Poor's affirmed its 'A+' rating on the corporation's outstanding lease revenue and judgment obligation bonds. Finally, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Los Angeles' general obligation bonds. The outlook is stable. "The ratings reflect our assessment of the city's strong economy, very strong management, weak budgetary performance, strong budgetary flexibility, very strong liquidity, and very weak debt and contingent liability position," said Standard&Poor's

...SAN FRANCISCO (Standard & Poor's) April 28, 2016--Standard & Poor's Ratings Services assigned its 'A+' rating to Municipal Improvement Corp. of Los Angeles , Calif.'s series 2016-A (capital equipment) and 2016-B (real property) refunding lease revenue bonds, issued for Los Angeles, Calif. At the same time, Standard & Poor's affirmed its 'A+' rating on the corporation's outstanding lease revenue and judgment obligation bonds. Finally, Standard & Poor's affirmed its '##-' long-term rating and underlying rating (SPUR) on Los Angeles' general obligation bonds. The outlook is stable. "The ratings reflect our assessment of the city's strong economy, very strong management, weak budgetary performance, strong budgetary flexibility, very strong liquidity, and very weak debt and contingent liability position," said Standard & Poor's credit analyst Jen Hansen. The stable outlook reflects our view that Los Angeles will continue to adjust its budget annually to maintain budgetary flexibility and budgetary...

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