Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Los Angeles, Calif.'s tax and revenue anticipation notes (TRANs) 2014. The series 2014 TRANs mature June 25, 2015. The rating reflects our view of Los Angeles': General creditworthiness (AA-/Stable general obligation rating); Good-to-strong coverage of TRAN repayment set asides and final maturity by projected available general fund cash balances; and History of relatively accurate cash flow projections. The notes are secured by available taxes, income, revenues, and other unrestricted funds that Los Angeles is to receive for the general fund by its fiscal year-end, June 30, 2015. We understand the city will deposit pledged revenue into the debt service fund in January 2015, February 2015, March 2015, April 2015,
