Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR) on Los Angeles, Calif.'s senior-lien parking system revenue bonds, series 1999A. The outlook is stable. The rating is based on our view of the system's excellent financial metrics and the strength of the service area. The outlook is stable. More specifically, the rating reflects our opinion of the following credit strengths: The overall diversity of the system securing the bonds, with approximately 48,000 parking spaces controlled by the city; Strong debt service coverage (DSC) of 4.7x, based on fiscal 2012 net parking revenues; and A large, concentrated, and populous metropolitan area that is strongly dependent on private vehicles. These strengths are partially offset, in our opinion, by some concentration
