...S&P Global Ratings assigned its '##-' long-term rating to the Municipal Improvement Corp. of Los Angeles, Calif.'s lease revenue bonds, series 2021-C (capital equipment and real property) issued on behalf of the City of Los Angeles. The outlook is stable. The series 2021-C bonds are secured by an interest in lease payments made by Los Angeles, as lessee, for the use of various leased assets, including three police stations. The city covenants to budget and appropriate base lease payments sufficient to cover the principal and interest on the bonds under the lease agreement. The leased assets meet our criteria for seismic resistance. Consistent with our criteria for appropriation obligations, the rating on the lease revenue bonds is one notch below our rating of the city's general creditworthiness. The series 2021-C bonds are being issued to retire certain outstanding maturities of commercial paper issued by the corporation, the proceeds of which were used to finance and refinance the acquisition...
