Sept 2 (Reuters) - Standard & Poor’s raised its outlook on Los Angeles, California’s general obligation (GO) bonds to “positive” from “stable”, citing the city’s improved economic metrics.
The ratings agency also affirmed its ‘AA minus’ long-term rating and underlying rating (SPUR) on the city’s GO bonds.
“The positive outlook reflects our view of the city’s improved economic metrics, including unemployment, which is below 10 percent and continues to fall, and the city’s improving financial position, as demonstrated by a large surplus in fiscal 2013,” said Standard & Poor’s analyst Jen Hansen.
Standard & Poor's also affirmed its 'A plus' long-term rating and SPUR on the city's appropriation-backed debt outstanding. (bit.ly/1qXJueg)
The ratings agency assigned ‘A plus’ rating to Municipal Improvement Corporation of Los Angeles’ series 2014-A and 2014-B lease revenue bonds, issued for the city. (Reporting By Tanvi Mehta in Bangalore; Editing by Sriraj Kalluvila)