...June 14, 2024 DALLAS (S&P Global Ratings) June 14, 2024--S&P Global Ratings assigned its 'SP-1+' short-term rating to the City of Los Angeles' $1.57 billion 2024 tax and revenue anticipation notes (TRANs). "The rating reflects our view of Los Angeles' historical use of conservative cash flow assumptions, leading to modest variances relative to very strong projected coverage of principal and interest," said S&P Global Ratings credit analyst Amahad Brown. The city's current projections for fiscal 2025 cash flows largely reflect balance between receipts and disbursements, indicative of the budget adjustments made by the city in this latest budget development cycle to align ongoing revenues and expenditures. Notable changes include updates to revenue assumptions to incorporate indications of softer-than-anticipated revenue growth, particularly for economically sensitive revenues in the most recent fiscal year, and tighter cost controls including the elimination of about 1,700 vacation positions...
