KBRA Releases Report Downgrading City of Los Angeles, CA GO Bonds to AA and MICLA Lease Revenue Bonds to AA-; Outlook is Negative

2 May 2025 | New York

On May 1, 2025, KBRA downgraded the long-term ratings for the City of Los Angeles, CA General Obligation Bonds to AA (from AA+) and the following Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds to AA- (from AA):

Lease Revenue Refunding Bonds, Series 2016-A (Capital Equipment)
Lease Revenue Refunding Bonds, Series 2016-B (Real Property)
Lease Revenue Bonds, 2018-A (Capital Equipment)
Lease Revenue Bonds Series 2018-B (Real Property)
Lease Revenue Refunding Bonds, Series 2018-C (Real Property - Taxable)
Lease Revenue Bonds, Series 2020-A (Capital Equipment)
Lease Revenue Bonds, Series 2020-B (Real Property)
Lease Revenue Refunding Bonds, Series 2020-C (Real Property) (Federal Taxable)
Lease Revenue Refunding Bonds, Series 2021-A (Capital Equipment and Real Property) (Federally Taxable)
Lease Revenue Refunding Bonds, Series 2021-B (Capital Equipment and Real Property) (Tax-Exempt)
Lease Revenue Bonds, Series 2021-C (Capital Equipment and Real Property)

The rating Outlook is Negative. The rating actions resolve the January 16, 2025 placement of the City's GO and MICLA ratings on Watch for possible Downgrade.

To access ratings and relevant documents, click here.

Click here to view the report.