Standard&Poor's Ratings Services revised the outlook to positive from stable and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Los Angeles, Calif.'s general obligation (GO) bonds and its 'A+' long-term rating and SPUR on the city's appropriation-backed debt outstanding. The positive outlook reflects our view of the city's improved economic metrics, including unemployment, which is below 10% and continues to fall, and the city's improving financial position, as demonstrated by a large surplus in fiscal 2013. At the same time, Standard&Poor's assigned its 'A+' rating to Municipal Improvement Corporation of Los Angeles, Calif.'s series 2014-A and 2014-B lease revenue bonds, issued for the city. The city's GO bonds are secured by unlimited ad valorem
