Los Angeles is broke.

[Brookswood]

From an editorial in the LA Times

Los Angeles is teetering on the edge of a fiscal emergency, with its finances in “dire”condition and no money to cover unplanned expenses after a series of lawsuit payoutsblew a hole in the city’s already-tight budget.

After listing possible ‘solutions’ such as taking out a loan, the Times continued

These measures may restore the reserve fund but they don’t address the underlying problem: The city is not living within its means. L.A. leaders approve employee raises the city can’t afford and then cut staffing and services while hoping for an economic boom to lift tax revenue.

Contracts are negotiated in secret, ratified by union members and quickly rubber-stamped by elected officials, many of whom rely on labor unions for campaign contributions.

All of the quotes above are from the LA Times Editorial of 10/18/24.

I find this news very sad. And a warning to others cities, sates and even the Federal government to get their spending act together. Fast.

 

[HermitHogan]

So the city is running massive budget deficits, largely due to lawsuit payouts for police department wrongdoings including negligence or unnecessary use of force. Theses payouts combined with large raises for police officers have broken their budget.

Sounds to me like the police are the problem.

 

[Aunt Bea]

Is it news or is it an editorial?

I would be amazed if every American city is not on the edge of a fiscal emergency.

I live in a city that is always broke and always is able to reduce taxes while increasing services.

I wish that I could apply such creativity to my personal finances.

 

[911]

So the city is running massive budget deficits, largely due to lawsuit payouts for police department wrongdoings including negligence or unnecessary use of force. Theses payouts combined with large raises for police officers have broken their budget.

Sounds to me like the police are the problem.

Maybe they should do away with all of the cops and use the National Guard to patrol the city. Of course, they can be sued also.

 

[Nathan]

The link was to an article in the Los Angeles Daily News that is basically a "cut & paste" from an Editorial that appeared in the Los Angeles Times.

I hardly think that lawsuit payouts are going to be a very big ripple, in the City's 13 Billion dollar annual budget.

 

[911]

The link was to an article in the Los Angeles Daily News that is basically a "cut & paste" from an Editorial that appeared in the Los Angeles Times.

I hardly think that lawsuit payouts are going to be a very big ripple, in the City's 13 Billion dollar annual budget.

Nathan—I am a little confused. Are you disavowing this information as being false? NYC’s budget is about $112bil. According to The NY Times, the city paid out over $115mil last year due to police misconduct or over $500mil in 6 years.

This is what I found on the internet with no mention of the source from which it was gathered:

In 2023, the City of Los Angeles paid out $172,200,000 in lawsuits related to police misconduct. The County of Los Angeles paid out $238,300,000 in similar lawsuits.

From my own personal experience and believe me, there is an enormous difference from the many smaller towns that I patrolled compared to LA and NYC, many of the lawsuits that were filed against the PSP (Pennsylvania State Police) were considered nuisance suits and were either dismissed by the courts or settled via arbitration. This information was received from state documents.

I don’t want to toot my own horn, but I can honestly say that I never gave anyone reason to sue me or the PSP, although I was threatened a few times.

 

[JustBonee]

I would be amazed if every American city is not on the edge of a fiscal emergency.

Exactly

 

[Nathan]

Nathan—I am a little confused. Are you disavowing this information as being false? NYC’s budget is about $112bil. According to The NY Times, the city paid out over $115mil last year due to police misconduct or over $500mil in 6 years.

No, I have no reason to doubt the figures. But the "Los Angeles is broke" assertion I think is a bit alarmist. That plus many lawsuit pay-outs are stretched out over years.

 

[Brookswood]

According to Fitch, LA's credit rating is "AAA" and outlook "stable".
And as far as lawsuit payouts, cities carry liability insurance.

(Sorry, I meant to post the URL to Fitch, but it opened up and started to grow).
New Issue Report / Fri 17 Nov, 2023

Los Angeles, California​

New Issue Report / Thu 22 Jun, 2023

Los Angeles, California​

New Issue Report / Wed 14 Sep, 2022

Los Angeles, California​

New Issue Report / Wed 16 Feb, 2022

Los Angeles, California​

New Issue Report / Tue 19 Oct, 2021

Los Angeles, California​

Rating Action Report / Fri 07 Jun, 2019

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs​

Rating Action Report / Wed 29 May, 2019

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs​

Navigator Report / Thu 16 May, 2019

Los Angeles (CA) [Water, Sewer] - ESG Navigator​

Navigator Report / Thu 16 May, 2019

Los Angeles (CA) [General Government] - ESG Navigator​

Non-Rating Action Commentary / Thu 11 Apr, 2019

Rating Sensitivities will Indicate Vulnerability to Special Revenue Bond Ruling​

Rating Action Report / Thu 14 Feb, 2019

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Rating Action Report / Fri 21 Dec, 2018

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

New Issue Report / Fri 26 Oct, 2018

Los Angeles, California​

Non-Rating Action Commentary / Fri 12 Oct, 2018

Fitch Ratings To Take Various Rating Actions on LA Wastewater Notes​

Rating Action Report / Fri 22 Jun, 2018

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Rating Action Report / Wed 20 Dec, 2017

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs​

Rating Action Report / Fri 29 Sep, 2017

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs​

New Issue Report / Wed 14 Jun, 2017

Los Angeles, California​

Rating Action Report / Tue 02 May, 2017

Fitch Takes Various Rating Actions on U.S. Enhanced Municipal Bonds and TOBs​

Rating Action Report / Thu 15 Dec, 2016

Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs​

Rating Action Report / Thu 17 Nov, 2016

Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs​

Rating Action Report / Wed 15 Jun, 2016

Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs​

Rating Report / Mon 13 Jun, 2016

Los Angeles, California​

New Issue Report / Wed 11 May, 2016

Los Angeles, California​

Non-Rating Action Commentary / Tue 15 Dec, 2015

Fitch to Downgrade S-T Rating to 'F1' on LA Wastewater CP Notes Ser. A-1 and B-1​

Rating Action Report / Tue 17 Nov, 2015

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds​

Non-Rating Action Commentary / Mon 26 Oct, 2015

Fitch Releases Report on Los Angeles, CA​

New Issue Report / Mon 26 Oct, 2015

Municipal Improvement Corporation of Los Angeles, California​

Rating Action Report / Fri 14 Aug, 2015

Fitch Takes Various Rating Actions on Enhanced Municipal Bonds and TOBs​

Rating Action Report / Mon 24 Nov, 2014

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds​

Non-Rating Action Commentary / Thu 28 Aug, 2014

Fitch Releases Report on Los Angeles, CA​

New Issue Report / Thu 28 Aug, 2014

Municipal Improvement Corporation of Los Angeles, California​

Rating Action Report / Fri 15 Aug, 2014

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds​

Non-Rating Action Commentary / Mon 16 Jun, 2014

Fitch Releases Amended Report on Los Angeles, CA​

Non-Rating Action Commentary / Mon 16 Jun, 2014

Fitch Releases Report on Los Angeles, CA​

New Issue Report / Mon 16 Jun, 2014

Los Angeles, California​

Rating Action Report / Fri 14 Feb, 2014

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Rating Action Report / Thu 05 Dec, 2013

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Non-Rating Action Commentary / Wed 19 Jun, 2013

Fitch Releases Report on Los Angeles, CA​

New Issue Report / Wed 19 Jun, 2013

Los Angeles, California​

Non-Rating Action Commentary / Tue 04 Jun, 2013

Fitch Releases Report on Los Angeles County, CA​

New Issue Report / Tue 04 Jun, 2013

Los Angeles County, California​

Rating Action Report / Tue 05 Mar, 2013

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Rating Action Report / Fri 01 Mar, 2013

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Non-Rating Action Commentary / Mon 28 Jan, 2013

Fitch Releases Report on Los Angeles, CA​

New Issue Report / Mon 28 Jan, 2013

Los Angeles, California​

Non-Rating Action Commentary / Thu 13 Dec, 2012

Fitch to Assign S-T Ratings to Los Angeles Wastewater Sys CP Notes, Tax-Exempt Ser A & Taxable Ser B​

Rating Action Report / Fri 07 Dec, 2012

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

Rating Action Report / Wed 07 Nov, 2012

Fitch Takes Various Rating Actions on Enhanced U.S. Municipal Bonds and TOBs​

03Sector Outlooks​

Outlook Report / Mon 08 Jul, 2024

Global Outlook 2024 – Mid-Year Update​

Outlook Report / Tue 25 Jun, 2024

Fitch Ratings 2024 Mid-Year Outlook: U.S. Public Finance Compendium​

Outlook Report / Fri 21 Jun, 2024

North American Energy Infrastructure Mid-Year Outlook 2024​

Outlook Report / Mon 17 Jun, 2024

North American Transportation Infrastructure Mid-Year Outlook 2024​

Outlook Report / Mon 08 Jan, 2024

Fitch Ratings 2024 Outlook: U.S. Public Finance Compendium​

Outlook Report / Fri 05 Jan, 2024

North America Cross-Sector Outlook 2024​

Outlook Report / Thu 21 Dec, 2023

Global Outlook 2024​

Outlook Report / Wed 13 Dec, 2023

CDSL Sector Outlook 2024​

Outlook Report / Wed 13 Dec, 2023

Global Mining Outlook 2024​

Outlook Report / Tue 12 Dec, 2023

Global Sports Outlook 2024​

Outlook Report / Mon 11 Dec, 2023

U.S. States and Local Governments Outlook 2024​

Outlook Report / Thu 07 Dec, 2023

U.S. Public Power and Electric Cooperatives Outlook 2024​

Outlook Report / Wed 06 Dec, 2023

U.S. Water and Sewer Outlook 2024​

Outlook Report / Tue 05 Dec, 2023

North American Energy Infrastructure Outlook 2024​

Outlook Report / Tue 05 Dec, 2023

North American Transportation Infrastructure Outlook 2024​

Outlook Report / Tue 05 Dec, 2023

U.S. Not-For-Profit Hospitals and Health Systems Outlook 2024​

Outlook Report / Mon 04 Dec, 2023

U.S. Higher Education Outlook 2024​

Outlook Report / Mon 04 Dec, 2023

U.S. Not for Profit Life Plan Communities Outlook 2024​

Outlook Report / Fri 30 Jun, 2023

North America Cross-Sector Mid-Year Outlook 2023​

Outlook Report / Thu 29 Jun, 2023

Global Mid-Year Sector Outlooks 2023​

Outlook Report / Tue 27 Jun, 2023

Global Cross-Sector Mid-Year Outlook 2023​

Outlook Report / Fri 13 Jan, 2023

Fitch Ratings 2023 Outlook: U.S. Public Finance Compendium​

Outlook Report / Thu 05 Jan, 2023

Credit Outlook 2023: Credit Markets at a Crossroads (Excel)​

Outlook Report / Thu 05 Jan, 2023

Macro Challenges Dominate Credit Risk: 2023 Global Outlook Overview​

Outlook Report / Wed 14 Dec, 2022

U.S. Community Development & Social Lending Outlook 2023​

Outlook Report / Tue 13 Dec, 2022

Global Sports Outlook 2023​

Outlook Report / Thu 08 Dec, 2022

U.S. Higher Education Outlook 2023​

Outlook Report / Tue 06 Dec, 2022

North American Energy Infrastructure Outlook 2023​

Outlook Report / Tue 06 Dec, 2022

U.S. Water and Sewer Outlook 2023​

Outlook Report / Tue 06 Dec, 2022

U.S. Public Power and Electric Cooperatives Outlook 2023​

Outlook Report / Mon 05 Dec, 2022

U.S. Not-for-Profit Life Plan Communities Outlook 2023​

Outlook Report / Fri 02 Dec, 2022

U.S. States and Local Governments Outlook 2023​

Outlook Report / Thu 01 Dec, 2022

North American Transportation Infrastructure Outlook 2023​

Outlook Report / Thu 01 Dec, 2022

U.S. Not-For-Profit Hospitals and Health Systems Outlook 2023​

Outlook Report / Tue 16 Aug, 2022

Fitch Ratings 2022 Mid-Year Outlook: U.S. Not-For-Profit Hospitals and Health Systems​

Outlook Report / Tue 21 Jun, 2022

Mid-Year Sector Outlook Updates​

Outlook Report / Tue 21 Jun, 2022

Interest, Rate Rises and Stagflation Risks Drive Deterioration in Sector Outlooks​

Outlook Report / Fri 17 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Public Finance​

Outlook Report / Wed 08 Dec, 2021

Fitch Ratings 2022 Outlook: Community Development and Social Lending​

Outlook Report / Wed 08 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Water and Sewer Sector​

Outlook Report / Tue 07 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Public Power and Electric Cooperatives​

Outlook Report / Tue 07 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Public Finance Colleges and Universities​

Outlook Report / Tue 07 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Not-For-Profit Hospitals and Health Systems​

Outlook Report / Tue 07 Dec, 2021

Fitch Ratings 2022 Outlook: Sports Facilities, Leagues and Teams​

Outlook Report / Tue 07 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Not-for-Profit Life Plan Communities​

Outlook Report / Thu 02 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. States and Local Governments​

Outlook Report / Wed 01 Dec, 2021

Fitch Ratings 2022 Outlook: U.S. Transportation Infrastructure​

Outlook Report / Tue 30 Nov, 2021

Fitch Ratings 2022 Outlook: North American Energy Infrastructure​

Outlook Report / Wed 07 Jul, 2021

Fitch Ratings 2H21 Outlook: U.S. Public Finance Colleges and Universities​

Outlook Report / Thu 28 Jan, 2021

Fitch Ratings 2021 Outlook: Sports Facilities, Leagues and Teams​

04Securities and Obligations​

Ratings
Rated Entity / Debt

Ratings

Entity Details

Identifiers

Other Details








Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LN7 (Public)
Maturity Date: 01-Sep-2027
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LP2 (Public)
Maturity Date: 01-Sep-2028
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LU1 (Public)
Maturity Date: 01-Sep-2033
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LV9 (Public)
Maturity Date: 01-Sep-2034
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LX5 (Public)
Maturity Date: 01-Sep-2036
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LY3 (Public)
Maturity Date: 01-Sep-2037
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LM9 (Public)
Maturity Date: 01-Sep-2026
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LS6 (Public)
Maturity Date: 01-Sep-2031
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LR8 (Public)
Maturity Date: 01-Sep-2030
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
Security: Los Angeles (CA) / General Obligation - Unlimited Tax - Dedicated Tax
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
13-Jun-2024
AAA
Affirmed
Long Term Rating

13-Jun-2024
AAA
Affirmed
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
CUSIP: 544351LL1 (Public)
Maturity Date: 01-Sep-2025
Currency: USD
Amount: 0
Placement: Public
Security LTR: AAA
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Next
Other Debt
Rated Entity / Debt

Ratings

Entity Details

Identifiers

Other Details








Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2017-A
Series: 2017-A
01-Sep-2024
NR
Matured
Long Term Rating

01-Sep-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 544351LK3 (Public)
Maturity Date: 01-Sep-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2021-A (social bonds)
Series: 2021-A (social bonds)
01-Sep-2024
NR
Matured
Long Term Rating

01-Sep-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 544351PP8 (Public)
Maturity Date: 01-Sep-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: GO bonds (taxable) ser 2022-A (social bonds)
Series: 2022-A (social bonds)
01-Sep-2024
NR
Matured
Long Term Rating

01-Sep-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 544351QP7 (Public)
Maturity Date: 01-Sep-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: GO rfdg bonds ser 2017-B
Series: 2017-B
01-Sep-2024
NR
Matured
Long Term Rating

01-Sep-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 544351PF0 (Public)
Maturity Date: 01-Sep-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: GO rfdg bonds ser 2021-B
Series: 2021-B
01-Sep-2024
NR
Matured
Long Term Rating

01-Sep-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 544351QK8 (Public)
Maturity Date: 01-Sep-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: solid waste resource rev bonds ser 2013A
Series: 2013A
01-Feb-2024
NR
Matured
Long Term Rating

01-Feb-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 54463PCF6 (Public)
Maturity Date: 01-Feb-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: solid waste resource rev bonds ser 2023-A
Series: 2023-A
01-Feb-2024
NR
Matured
Long Term Rating

01-Feb-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 54463PEB3 (Public)
Maturity Date: 01-Feb-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: solid waste resource rev rfdg bonds ser 2013B
Series: 2013B
01-Feb-2024
NR
Matured
Long Term Rating

01-Feb-2024
NR
Matured
Unenhanced Long Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed;
CUSIP: 54463PCV1 (Public)
Maturity Date: 01-Feb-2024
Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: wastewtr sys CP rev notes ser A-1 (LOC: Barclays Bank plc)
Series: A-1
24-Jun-2024
F1
Affirmed
Short Term Rating

24-Jun-2024
F1
Affirmed
Enhanced Short Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

Currency: USD
Amount: 0
Placement: Public
Security: Los Angeles (CA)
Issuer: Los Angeles (CA)
Bond: wastewtr sys CP rev notes ser A-2 (LOC: Toronto-Dominion Bank (The))
Series: A-2
29-May-2024
F1+
Affirmed
Short Term Rating

29-May-2024
F1+
Affirmed
Enhanced Short Term Rating

Rating History
Country: United States
Sectors: US Public Finance
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

Currency: USD
Amount: 0
Placement: Public
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05Disclosures​

Endorsement Status
EU Endorsed, UK Endorsed

Country of Fitch Office
UNITED STATES

Solicitation Status
Long Term Rating	Solicited - Sell Side
Short Term Rating	Solicited - Sell Side
Enhanced Short Term Rating	Solicited - Sell Side
Unenhanced Long Term Rating	Solicited - Sell Side

06Criteria​

02Apr
2024
Active Criteria

U.S. Public Finance Local Government Rating Criteria​

18Jan
2024
Active Criteria

U.S. Public Finance Structured Finance Rating Criteria​

16Sep
2022
Active Criteria

U.S. Public Finance Variable-Rate Demand Obligations and Commercial Paper Issued with External Liquidity Support Rating Criteria​

01Sep
2021
Expired Criteria

Public Sector, Revenue-Supported Entities Rating Criteria – Effective from September 1, 2021 to April 27, 2023​

04May
2021
Expired Criteria

U.S. Public Finance Tax-Supported Rating Criteria - Effective from May 4, 2021 to April 2, 2024​

More Criteria

07Analysts​

Audra Dickinson
Primary Rating Analyst

Karen Ribble
Primary Rating Analyst

Joseph Staffa
Primary Rating Analyst

Divya Bali
Secondary Rating Analyst

Mario Civico
Secondary Rating Analyst

Victor Valdez
Secondary Rating Analyst

08Related Credits and Issuers​

Related Credits
Los Angeles (CA) [General Government]	Long Term Issuer Default Rating: AA+
Los Angeles (CA) [Sewer]	Standalone Credit Profile: aa

Related Issuers
-

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in Fitch Red

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Could you please write a paragraph or two summarizing all those links above?

 

[jimintoronto]

Reading this thread about the financial problems of US cities, I decided to do a search for "Have any Canadian towns or cities ever declared bankruptcy "? The answer was " not since the Depression in the 1930's, has a Canadian municipality declared insolvency, and even then it was only 3 small towns in Canada ". I think we must be doing some thing right ? JIM.

 

[fuzzybuddy]

Could you please write a paragraph or two summarizing all those links above?

I apologize for that extremely long list of links and categories. Fitch is a company that rates municipal bonds. It gave Los Angeles rating as 'AAA', and as "stable" as of 2024. I thought I just copied that statement, but it turned out it was a URL, which unleashed all that stuff.

 

[AnnieA]

I thought I just copied that statement, but it turned out it was a URL, which unleashed all that stuff.

Well, we did learn that we're allowed really loooooooong posts on SF.

 

[Knight]

I'm going to go take a nap then continue sorting thru fuzzybuddy's post. Probably take the rest of the day after my nap.

 

[VaughanJB]

This is, in part, just another example at how a "money is everything" mindset is corrupting our society.

 

[Knight]

It's 10:26 p/m I finally finished fuzzybuddy's post. A little disappointed none of that makes any difference in my life.

 

[dilettante]

In any case they've got it covered:

Military Authorized to Use Lethal Force Against Americans?

 

[rgp]

This is, in part, just another example at how a "money is everything" mindset is corrupting our society.

WoW ! Do I ever agree here.

 

[rgp]

So the city is running massive budget deficits, largely due to lawsuit payouts for police department wrongdoings including negligence or unnecessary use of force. Theses payouts combined with large raises for police officers have broken their budget.

Sounds to me like the police are the problem.

Yeah, here's my plan. We fire all the police, save all that money, and we're on our own against criminals .

How'bout this ... and this one is serious. If a lawsuit is filed against the police , and the person behind the suit has a criminal record, the suit is thrown out.

We need to come down hard on the criminals .... not the police.

 

[StarSong]

No, I have no reason to doubt the figures. But the "Los Angeles is broke" assertion I think is a bit alarmist. That plus many lawsuit pay-outs are stretched out over years.

I live in Los Angeles, and this is the first I'm hearing of it, so clearly we're not in an emergency situation.

Most large American cities teeter between solvency and insolvency because their emergency funds are constantly being tapped. Shrug... business as usual.