Fitch rates Los Angeles TRANs F1+

Fitch Ratings said it rates Los Angeles' $977.6 million 2008 tax and revenue anticipation notes (TRANs) F1+.

The notes will be sold competitively on July 8 and will mature on June 30, 2009.

Fitch said its highest short-term rating of F1+ reflects a sound note repayment structure, good coverage of early set-asides, satisfactory borrowable funds, and the city's overall credit quality.

Fitch rates Los Angeles' general obligation bonds AA and judgment obligation bonds and certain lease obligations AA-.

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