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.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.