...S&P Global Ratings assigned its '##' long-term rating to Los Angeles, Calif.'s series 2018A wastewater system subordinate revenue bonds and series 2018B wastewater system subordinate revenue refunding bonds. At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on the wastewater system's existing senior-lien bonds and our '##' 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 metropolitan area economy; + Very low industry risk as a monopolistic service provider of an essential public utility; + Affordable service rates although, in our view, the system's market position is pressured somewhat by the county's elevated poverty rate; and...
