Standard & Poor's Ratings Services raised its issuer credit rating (ICR) and long-term rating on Los Angeles County, Calif.'s appropriation-backed debt outstanding to 'AA' and 'AA-', respectively from 'AA-' and 'A+'. Standard & Poor's also assigned its 'AA-' long-term rating to the Los Angeles County Public Works Financing Authority's series 2012 lease revenue bonds (multiple capital projects II). The outlook on all ratings is stable.
"The upgrade reflects the county's maintenance of very strong general fund reserves as it has controlled costs and experienced relatively minimal revenue declines in the previous four years," said Standard & Poor's credit analyst Sussan Corson. "The upgrade also reflects our view of recent financial operations improvement of the County's Department of Health Services, which could help to stabilize county general fund loans to the department," added Ms. Corson.