S&P Global Ratings assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s pro forma $1.572 billion series 2022 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, 2023. The series 2022 TRANs mature June 29, 2023. The city's current projections for fiscal 2023 cash flows include a significant increase in property tax receipts and sales taxes, which is partly offset by rising disbursements as the city funds programs with rising cost pressures. Under the current projection for fiscal 2023, ongoing expenditures match ongoing revenues. The rating reflects our view of Los Angeles': Strong budgetary
