S&P Global Ratings assigned its 'AAA' long-term issuer credit rating (ICR) to the City of Irvine, Calif. At the same time, S&P Global Ratings assigned its 'AA+' rating to the Irvine Facilities Financing Authority's proposed $322.2 million series 2023 lease revenue bonds that may be issued in two series, which are supported by the City of Irvine. The outlook is stable. The ICR reflects our view of the city's general creditworthiness without respect to any specific bond issue or debt obligation. The lease revenue bonds are secured by base rental payments made by the city as lessee to the authority as lessor. The base rental payments will be payable from any legally available funds of the city. In our view,
