KBRA Assigns AA- Rating and Stable Outlook to the Municipal Improvement Corporation of Los Angeles’ Lease Revenue Bonds, Series 2018 A, B & C

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Kroll Bond Rating Agency (KBRA) has assigned a AA- rating and Stable Outlook to the Municipal Improvement Corporation of Los Angeles’ (MICLA) Lease Revenue Bonds Series 2018-A (Capital Equipment), Lease Revenue Bonds Series 2018-B (Real Property) and Lease Revenue Refunding Bonds, Series 2018-C (Real Property-Taxable) (collectively the “2018 Lease Revenue Bonds”). KBRA has additionally affirmed the rating of AA and Stable Outlook on the City of Los Angeles’ outstanding general obligation bonds. KBRA’s long-term ratings do not apply to bonds backed by a letter of credit or liquidity facility, unless otherwise noted.

KBRA’s rating assignment for the 2018 Lease Revenue Bonds is based on the City’s long-term general obligation rating and evaluation of the factors discussed in KBRA’s U.S. State and Local Government Abatement Lease Methodology. Generally, ratings assigned to the majority of U.S. state and local abatement lease obligations by KBRA will be one to two notches below the government lessee’s general obligation rating.

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About KBRA and KBRA Europe

KBRA is a full credit rating agency registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP). KBRA Europe is certified and registered with the European Securities and Markets Authority (ESMA).

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Business Wire: 23:20 GMT Friday 5th January 2018

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