S&P Global Ratings assigned its ?AA? long-term rating to Los Angeles , Calif.'s anticipated $372 million series 2025A wastewater system (LASAN or the system) senior-lien revenue refunding bonds. At the same time, S&P Global Ratings affirmed its ?AA? rating on LASAN?s existing senior-lien wastewater system bonds and its ?AA-? long-term rating and underlying rating (SPUR) on the city's subordinate-lien wastewater system bonds. The outlook is stable. Proceeds from the series 2025A issuance will refund certain existing series of bonds for debt service savings. The senior-lien bonds are secured by the net revenue of the city's wastewater system, after payment of operations and maintenance (O&M) costs. Pledged revenue does not include any amounts from the collection of taxes; agreements with governmental
