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: New Rating

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Los Angeles Cnty Metro Transp Auth
- Los Angeles Cnty

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