KBRA Releases Report Assigning AAA Rating for Los Angeles Unified School District General Obligation Bonds Series RYRR (2021) and 2021 General Obligation Refunding Bonds, Series B; Outlook is Stable

On October 14, 2021, Kroll Bond Rating Agency assigned a AAA rating with a Stable Outlook to the following Los Angeles Unified School District (County of Los Angeles, California) bonds:

• General Obligation Bonds Series RYRR (2021)
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• 2021 General Obligation Refunding Bonds, Series B (Federally Taxable)
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

KBRA additionally affirmed the long-term rating of AAA and Stable Outlook for the following District Bonds:

• 2021 General Obligation Refunding Bonds, Series A
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• 2020 General Obligation Refunding Bonds, Series A
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• General Obligation Bonds, Measure Q, Series C (2020)
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• 2016 General Obligation Refunding Bonds, Series A
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• 2016 General Obligation Refunding Bonds, Series B
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

• General Obligation Bonds, Election of 2008, Series A (2016)
  
  (Dedicated Unlimited Ad Valorem Property Tax Bonds)

Click here to view the report. To access ratings and relevant documents, click here.

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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