Summary: Los Angeles County Metropolitan Transportation Authority, California; Sales Tax Oct 11

Standard & Poors, October 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AAA' long-term rating, and stable outlook, to Los Angeles County Metropolitan Transportation Authority (LACMTA or the authority), Calif.'s proposition A first-tier senior sales tax revenue refunding bonds, series 2011-A and series 2011-B. At the same time, Standard & Poor's affirmed its 'AAA' rating, with a stable outlook on the authority's $1.4 billion parity bonds outstanding secured by a first lien on Proposition A sales tax. Long-term rating factors for first-lien Proposition A sales tax secured debt include what we view as: The breadth of the Los Angeles County economy, with a growing population of 10.47 million residents; Strong restrictions against additional parity bonds, including an effective 2.46x additional bonds test (ABT), and an...

Companies mentioned in this report are:
- Los Angeles Cnty Metro Transp Auth
- Los Angeles Cnty

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Los Angeles Cnty Metro Transp Auth
- Los Angeles Cnty

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