Summary: Los Angeles, California; Note

S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s series 2019 tax and revenue anticipation notes (TRANs). The series 2019 TRANs mature June 25, 2020. The rating reflects our view of Los Angeles': General creditworthiness (AA/Stable 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, 2020. We understand the city will deposit pledged revenue into the debt service fund in January 2020, February 2020, March 2020, April 2020, and

...S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s series 2019 tax and revenue anticipation notes (TRANs). The series 2019 TRANs mature June 25, 2020. The rating reflects our view of Los Angeles': + General creditworthiness (##/Stable 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, 2020. We understand the city will deposit pledged revenue into the debt service fund in January 2020, February 2020, March 2020, April 2020, and May 2020 in an amount equal to 20% of principal and interest due on the series. We understand that Los Angeles is issuing the notes to prepay its pension actuarially required contribution for fiscal 2019-2020,...

Summary