June 13 (Reuters) - Moody’s Investors Service assigned a MIG 1 rating to the City of Los Angeles’ 2014 Tax and Revenue Anticipation Notes (TRAN) in the amount of $1.38 billion.
Moody's says the rating on the notes shows the reasonable budget assumptions underlying the city's cash flow projections, its projected year-end cash position and the minimum, one-month cushion between the city's pledged final set-aside and the note maturity. (link.reuters.com/tac22w)
MIG 1 is the top Moody’s rating for notes.
The rating’s agency also rated the city’s unlimited tax general obligation bonds Aa2 with a stable outlook. (Reporting By Tanvi Mehta in Bangalore; Editing by Savio D‘Souza)