S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s pro forma $1.83 billion series 2020 tax and revenue anticipation notes (TRANs). 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, 2021. The series 2020 TRANs mature June 24, 2021. The city's current projections for fiscal 2021 include adjustments to reflect declines in certain revenue streams driven by the "safer at home" initiative implemented to reduce the transmission of the novel coronavirus and other adjustments to achieve budgetary balance. While there are substantial projected declines in revenue streams, such as transient occupancy taxes and sales taxes, the city
