...S&P Global Ratings assigned its '##' rating to the City of Los Angeles, Calif.'s 2018-A, 2018-B, and 2018-C general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its '##' rating on the city's outstanding GO bonds and its '##-' long-term rating and underlying rating (SPUR) on the city's lease revenue and judgment obligation bonds. The outlook on all ratings is stable. The ratings reflect our view of the city's: + Strong economy, with access to a broad and diverse metropolitan statistical area (MSA); + Strong management, with good financial policies and practices under our Financial Management Assessment (FMA) methodology; + Weak budgetary performance, with an operating deficit in the general fund and a slight operating deficit at the total governmental fund level in fiscal 2017; + Strong budgetary flexibility, with an available fund balance in fiscal 2017 of 15% of operating expenditures which we expect could decrease in the near term; + Very strong liquidity, with...
