KBRA Assigns AA Rating and Stable Outlook to Municipal Improvement Corporation of Los Angeles (MICLA) Lease Revenue Bonds Series 2019-A and 2019-B

NEW YORK–(BUSINESS WIRE)–Kroll Bond Rating Agency (KBRA) assigns a long-term rating of AA and
Stable Outlook to the Municipal Improvement Corporation of Los Angeles
(MICLA) Lease Revenue Bonds, Series 2019-A (Capital Equipment) and Lease
Revenue Refunding Bonds, Series 2019-B (Real Property). KBRA
additionally affirms the long-term rating of AA+ and Stable Outlook on
the City of Los Angeles’ outstanding General Obligation Bonds.

The rating action pertaining to the City’s general obligation bonds is
based on the KBRA’s U.S.
Local Government General Obligation Rating Methodology. The
rating actions pertaining to the MICLA bonds are based on the City’s
long-term general obligation rating and an evaluation of the factors
discussed in KBRA’s U.S.
State and Local Government Abatement Lease Rating Methodology.

A rating report will be forthcoming.

Related Publications: (available at www.kbra.com)

• City
  of Los Angeles General Obligation Bonds Surveillance Report

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. 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 and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

Contacts

Analytical:
Alice Cheng,
Director
(646) 731-2403
acheng@kbra.com

Peter
Scherer, Associate
(646) 731-2325
pscherer@kbra.com