Standard & Poor's Ratings Services said it revised the outlook to positive from stable and affirmed its AA-minus long-term rating and underlying rating on Los Angeles, Calif.'s general obligation bonds and its A-plus long-term rating and SPUR on the city's appropriation-backed debt outstanding.
At the same time, Standard & Poor's assigned its A-plus rating to Municipal Improvement Corporation of Los Angeles, Calif.'s series 2014-A and 2014-B lease revenue bonds, issued for the city.
"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," said Standard & Poor's credit analyst Jen Hansen.
