Los Angeles County received the highest possible short-term rating from the three largest rating agencies, according to the Los Angeles Times.
Moody’s Investors Service, Standard & Poor’s and Fitch Ratings cited the county’s large general reserve fund, which is almost $200 million, and strong fiscal management as reasons for their high marks.
The ratings are MIG-1 by Moody’s, SP-1-plus by Standard & Poor’s, and F-1-plus by Fitch.
The county priced $1 billion of tax and revenue anticipation notes Tuesday.
The first series of $300 million yielded 0.16% with a 2% coupon in 2014. The second series of $700 million yielded 0.18% with a 2% coupon in 2014.
Goldman Sachs was bookrunner.
Public Resources Advisory Group was financial advisor. Squire Sanders provided the legal opinion.
The county has issued TRANs annually since the 1970s.
