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Summary: Los Angeles, California; Solid Waste/Resource Recovery

Published Apr 22, 2014

3463 words — Published Apr 22, 2014

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Abstract:

Standard&Poor's Ratings Services lowered its long-term rating and underlying rating (SPUR) to 'AA-' from 'AA' on Los Angeles, Calif.'s solid waste resources (SWR) and sanitation equipment bonds. The outlook is negative. The rating action reflects our view of the city's estimate that system net revenue in fiscal 2014 (ending June 30, 2014) will be insufficient to meet debt service requirements, even if various nonrecurring items relating to litigation and billing issues are removed. The city plans to use its strong cash balances -- most recently $193 million, or 314 days of operating costs -- to meet debt service requirements and a portion of operating costs in fiscal 2014. As a result, the city projects cash balances to decline

Brief Excerpt:

RESEARCH Summary: Los Angeles, California; Solid Waste/Resource Recovery Publication date: 22-Apr-2014 Primary Credit Analyst: Paul J Dyson, San Francisco (1) 415-371-5079; paul.dyson@standardandpoors.com Secondary Contact: Edward...

Report Type:

Summary

Issuer

Los Angeles

Sector

Global Issuers, Public Finance

Country

United States

Region

United States

Format:

HTML

Los Angeles' $1.4 Billion In Tax And Revenue Anticipation Revenue Notes Assigned 'SP-1+' Rating – 2014/06/16 – US$ 150.00

Summary: Los Angeles; Note – 2014/06/16 – US$ 225.00

Summary: Eagle Tax-Exempt Trust Series 20140034; Tender Option Certificates/Bonds – 2014/06/23 – US$ 225.00

Summary: Los Angeles, California; Multifamily GNMA – 2014/08/01 – US$ 225.00

Los Angeles, CA Debt Outlook Revised To Positive On Improved Economic Metrics And Financial Position – 2014/09/02 – US$ 150.00

Los Angeles Solid Waste Resources/Sanitation Equipment Bond Rating Lowered To 'AA-' On Projected Insufficient Coverage – 2014/04/22 – US$ 150.00

Summary: Los Angeles; Multifamily GNMA – 2014/04/11 – US$ 225.00

S&P Revises Rating On Los Angeles' Series 1999T Revenue Bonds To 'AA' – 2014/03/21 – US$ 150.00

Summary: Los Angeles; Letter of Credit – 2014/03/11 – US$ 225.00

Los Angeles, CA's General Obligation Bond Rating Affirmed At 'AA-' On Recently Released GO Criteria; Outlook Stable – 2013/12/20 – US$ 150.00

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Los Angeles, California; Solid Waste/Resource Recovery" Apr 22, 2014. Alacra Store. May 15, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Los-Angeles-California-Solid-Waste-Resource-Recovery-1301227>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Los Angeles, California; Solid Waste/Resource Recovery Apr 22, 2014. New York, NY: Alacra Store. Retrieved May 15, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Los-Angeles-California-Solid-Waste-Resource-Recovery-1301227>

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