L.A. County gets its highest credit rating ever from S&P
Los Angeles County government received its highest ever credit rating earlier this week, meaning the municipality will pay less interest when borrowing money for some projects.
Standard and Poor's raised the county's score from AA- to AA, citing the county's large general fund reserves, which total almost $200 million, and strong financial management.
L.A. County was one of 191 municipalities nationwide that received increases, while 580 had their scores downgraded.
"Our board has sustained a policy of living within our means, which has reduced our borrowing costs and yielded tremendous savings to the benefit of county taxpayers," said William T Fujioka, the county's chief executive, in a statement.
-- Jason Song at the Hall of Administration