Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s series 2015 tax and revenue anticipation notes (TRANs). The series 2015 TRANs mature June 30, 2016. The rating reflects our view of Los Angeles': General creditworthiness (AA-/Positive general obligation rating), Very strong coverage of TRAN repayment set-asides and final maturity by projected available general fund cash balances, and History of relatively accurate cash flow projections. The notes are secured by available taxes, income, revenues, and other unrestricted funds that Los Angeles is to receive for the general fund by its fiscal year-end, June 30, 2016. We understand the city will deposit pledged revenue into the debt service fund in January 2016, February 2016, March 2016, April
