...S&P Global Ratings assigned its '##-' long-term rating to the Municipal Improvement Corporation of Los Angeles (MICLA), Calif.'s pro forma $85.1 million series 2020-A lease revenue bonds (capital equipment), pro forma $81.4 million series 2020-B lease revenue refunding bonds (real property), and pro forma $102.2 million series 2020-C lease revenue refunding bonds (real property) (federal taxable), issued on behalf of the City of Los Angeles. At the same time, S&P Global Ratings affirmed its '##' long-term rating on the city's general obligation (GO) and judgment obligation bonds and its '##-' long-term rating and underlying rating (SPUR) on the city's lease revenue bonds. The outlook on all ratings is stable. The city's appropriation debt is secured by an interest in lease payments made by Los Angeles, as lessee, for the use of various leased assets. The city covenants to budget and appropriate basic lease payments sufficient to cover the principal and interest on the bonds under the respective...
