S&P Global Ratings affirmed its 'A-1+' short-term rating to Los Angeles Municipal Improvement Corp.'s series A-1 tax-exempt and B-1 taxable lease revenue commercial paper (CP) notes, issued for Los Angeles' Los Angeles Convention Center. The rating reflects our view of the support U.S. Bank N.A. provides in the form of an irrevocable direct-pay letter of credit (LOC). The LOC fully supports all CP note payment obligations. The issuer is authorized to issue up to $100 million for series A-1 and B-1 CP notes with a maturity of 270 days. The aggregate amount of CP notes and accrued interest cannot exceed the LOC's stated amount, and amounts due on the notes' maturity date are to be funded in full with money
