...S&P Global Ratings assigned its '##' long-term rating to the City of Los Angeles, Calif.'s series 2021-A general obligation (GO) bonds (social bonds, federally taxable) and series 2021-B GO refunding bonds (tax-exempt), issued on behalf of the City of Los Angeles. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's existing GO bonds and its '##-' long-term rating and underlying rating (SPUR) on the city's existing lease revenue bonds. The outlook on all ratings is stable. The GO bonds are secured by unlimited ad valorem taxes levied on taxable property in the city. The Los Angeles County Board of Supervisors has the power and obligation to levy these taxes at the city's request for the bonds' repayment. The county is required to deposit such taxes, when collected, into the bonds' debt service fund. The lease revenue bonds are secured by an interest in lease payments made by Los Angeles, as lessee, for the use of various leased assets. The city covenants...
