S&P Global Ratings assigned its 'AA-/A-1+' rating to Los Angeles' series 2018C-1 and 2018C-2 variable-rate refunding wastewater system subordinate revenue bonds. The rating reflects our opinion of the credit and liquidity support Toronto-Dominion Bank, New York branch, provides in the form of an irrevocable direct-pay letter of credit (LOC). The rating also reflects our view of the LOC provider's creditworthiness based on the lower of our long- and short-term issuer credit ratings on Toronto-Dominion Bank, the LOC provider's parent, and our long- and short-term foreign currency ratings on the U.S., the jurisdiction where the LOC provider operates. (For more information on bank branch ratings, please see the article, titled "Methodology Applied To Bank Branch-Supported Transactions," published Oct. 14, 2013, on
