...June 15, 2022 SAN FRANCISCO (S&P Global Ratings) June 15, 2022--S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s pro forma $1.572 billion series 2022 tax and revenue anticipation notes (TRANs). "The rating reflects our view of Los Angeles' strong budgetary flexibility, very strong coverage of TRAN repayment set-asides and final maturity by projected available general fund cash balances, and history of relatively accurate cash flow projections," said S&P Global Ratings credit analyst Jen Hansen. The city plans to use about $300 million of note proceeds to manage uneven cash receipts and disbursements throughout the year, about $637 million for Los Angeles City Employees' Retirement System pension payments, and about $661 million for Los Angeles Fire and Police Pensions pension payments. The city projects the early pension payment will save the city approximately $19.3 million....
