S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s pro forma $1.859 billion series 2021 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, 2022. The series 2021 TRANs mature June 23, 2022. The city's current projections for fiscal 2022 include the second installment of stimulus funds awarded under the American Rescue Plan Act (ARPA) and a rebound in several receipt categories that were adversely affected by the COVID-19 pandemic, which are in part offset by rising disbursements as the city restores positions and services that were previously expected to be
