Summary: Los Angeles Municipal Improvement Corp., California Los Angeles; Appropriations; General Obligation

S&P Global Ratings assigned its 'AA-' long-term rating to the Municipal Improvement Corp. of Los Angeles, Calif.'s series 2021-A lease revenue refunding bonds (capital equipment and real property) (federally taxable) and series 2021-B lease revenue refunding bonds (capital equipment and real property) (tax-exempt), issued on behalf of the City of Los Angeles. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating on the city's existing general obligation (GO) bonds and its 'AA-' long-term rating and underlying rating (SPUR) on the city's existing lease revenue bonds. The outlook on all ratings is stable. The series 2021-A and 2021-B bonds are secured by an interest in lease payments made by Los Angeles, as lessee, for the use of various

...S&P Global Ratings assigned its '##-' long-term rating to the Municipal Improvement Corp. of Los Angeles, Calif.'s series 2021-A lease revenue refunding bonds (capital equipment and real property) (federally taxable) and series 2021-B lease revenue refunding bonds (capital equipment and real property) (tax-exempt), 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 existing general obligation (GO) bonds and its '##-' long-term rating and underlying rating (SPUR) on the city's existing lease revenue bonds. The outlook on all ratings is stable. The series 2021-A and 2021-B bonds are 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 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 with the exception...

Summary