S&P Global Ratings assigned its 'AA' long-term rating to Los Angeles, Calif.'s series 2017A wastewater system subordinate revenue bonds, series 2017B wastewater system subordinate revenue refunding bonds, and series 2017C wastewater system subordinate revenue refunding bonds (taxable). At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on the wastewater system's existing senior-lien bonds and our 'AA' long-term rating and SPUR on the existing subordinate-lien bonds. The ratings reflect, in our opinion, the combination of an extremely strong enterprise risk profile and a very strong financial risk profile. The outlook is stable. The enterprise risk profile reflects our view of the wastewater system's: Service area that forms the core of the broad and diverse Los Angeles
