S&P Global Ratings lowered its rating on Los Angeles , Calif.'s existing senior-lien wastewater system (LASAN or the system) bonds to ?AA? from ?AA+? and lowered its long-term rating and underlying rating (SPUR) on the city's subordinate-lien wastewater system bonds to ?AA-? from ?AA?. At the same time, S&P Global Ratings assigned its ?AA-? long-term rating to the city?s anticipated $206.8 million series 2025A, $145.9 million series 2025B, and $364.3 million series 2025C wastewater system subordinate revenue bonds. The outlook is stable. The downgrades reflect LASAN?s weakened market position assessment and operating constraints associated with a high degree of regulation and litigation risk, which we believe could quickly introduce long-term uncertainty. However, we recognize that the wastewater system's five-year adopted
