SAN FRANCISCO (Standard&Poor's) April 22, 2014--Standard&Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'AA-' from 'AA' on Los Angeles, Calif.'s solid waste resources (SWR) and sanitation equipment bonds. The outlook is negative. "The rating action reflects our view of the city's estimate that system net revenue in fiscal 2014 will be insufficient to meet debt service requirements, even if various nonrecurring items relating to litigation and billing issues are removed," said Standard&Poor's credit analyst Paul Dyson. The rating continues to reflect our view of the city's substantial and diverse economic base, good median household effective buying income, strong debt service coverage (DSC) on a net basis, and strong liquidity. The
