...June 16, 2021 SAN FRANCISCO (S&P Global Ratings) June 16, 2021--S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s pro forma $1.859 billion series 2021 tax and revenue anticipation notes (TRANs). The city plans to use about $600 million of note proceeds to manage uneven cash receipts and disbursements throughout the year, about $601 million for Los Angeles City Employees' Retirement System pension payments, and about $722 million for Los Angeles Fire and Police Pensions pension payments. The city projects the early pension payment will save the city approximately $41.6 million. "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 Tim Tung. The notes are secured by available taxes, income, revenues, and other unrestricted...
