Standard&Poor's Ratings Services affirmed its 'AA-' rating on Los Angeles, Calif.'s general obligation (GO) bonds and its 'A+' rating on the city's appropriation-backed debt outstanding based on our recently released local GO criteria. The outlook is stable. The city's GO bonds are secured by unlimited ad valorem taxes. An interest in lease payments made by Los Angeles, as lessee, for the use of various leased assets secure the certificates of participation and lease revenue bonds outstanding. The city covenants to budget and appropriate basic lease payments sufficient to cover the principal and interest on the bonds under the respective lease agreements. The rating reflects our assessment of the following factors for Los Angeles: Very strong liquidity, providing very
