...July 29, 2020 SAN FRANCISCO (S&P Global Ratings) July 29, 2020--S&P Global Ratings assigned its '##-' long-term rating to the Municipal Improvement Corporation of Los Angeles (MICLA), Calif.'s pro forma $85.1 million series 2020-A lease revenue bonds (capital equipment), pro forma $81.4 million series 2020-B lease revenue refunding bonds (real property), and pro forma $102.2 million series 2020-C lease revenue refunding bonds (real property) (federal taxable), issued on behalf of the City of Los Angeles. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's general obligation (GO) and judgment obligation bonds and its '##-' long-term rating and underlying rating (SPUR) on the city's lease revenue bonds. The outlook on all ratings is stable. "The ratings reflect our view of the city's strong local economy, very strong available cash levels, and weak budgetary performance as the city transitions into a lower revenue environment introduced by the pandemic-driven...
