Fitch Rates Los Angeles County Cap Asset Lsg Corp, CA $26.8MM Bonds 'A'.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Fitch assigns an 'A' rating to Los Angeles County Capital Asset Leasing Corp., California 26.8 million lease revenue bonds, 2006 series A (LAC-CAL Equipment Program). The Rating Outlook is Stable. The bonds will be sold competitively on June 15. The county's financial advisor is Montague DeRose and Associates, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Also, Fitch affirms its 'A' rating and a Stable Outlook on various issues secured by county lease rental payments, and 'A-' ratings on other lease-secured issues, as detailed below. E[acute accent]The county's rating reflects a diverse and mature economy, improved financial operations marked by consistent general fund operating surpluses and high year-end reserves, strong management efforts to achieve fiscal balance, and low debt burden. These strengths are balanced by the considerable challenge presented by the Department of Health Services Department of Health Services may refer to:
DHS Department of Human Services DHS Department of Health Services DHS Demographic and Health Surveys DHS Dirhams (Morocco national currency) ) ongoing financial imbalance. E[acute accent]While acknowledging the county's considerable and successful efforts in achieving fiscal balance and restoring some services, Fitch remains concerned about the health and hospital system's imbalance, albeit reduced from much higher projections a few years ago. Particularly, Fitch notes the recent federal court approval of two legal settlements, which enable the county to implement long-planned capacity reductions at two major county health care facilities. However, the downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing is well below the Board of Supervisors' initial plan and leaves about a $300 million structural imbalance. Although this amount is small relative to the county's full operations and total general fund spending, Fitch views it as significant since it equals about 13% of the hospital enterprise funds' $2.28 billion in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. , and given the difficulties the county has had in making service reductions. E[acute accent]The bonds are secured by county lease payments made for use of numerous pieces of equipment by several departments. Lease features are sound and the county's equipment lease financing program has a strong history. The leased equipment is essential to service delivery and all equipment currently is in use. The county covenants to budget and appropriate for the lease payments, and other features are similar to that of real property leases. E[acute accent]Los Angeles County has made good progress toward long-term financial stability in non-health areas. The general fund has run operating surpluses for each of the last nine years, with another strong year expected for fiscal 2006. At $909.1 million, the unreserved, undesignated fund balance equals a high 8.2% of spending and provides an adequate cushion. However, DHS's need for greater subsidies seems likely, barring major new revenue sources and significant system reconfiguring. These additional costs could derail de·rail intr. & tr.v. de·railed, de·rail·ing, de·rails 1. To run or cause to run off the rails. 2. the county's otherwise sound performance. Fitch will continue to review the county's financial prospects as plans to address the DHS structural gap, currently in formation, proceed. E[acute accent]Ratings affirmed at 'A' E[acute accent]-- County of Los Angeles, certificates of participation series 1993 Disney Parking Project, 1998 Disney Parking Refunding Project E[acute accent]-- Los Angeles County Capital Asset Leasing Corp., Edmund D. Edelman Edmund D. Edelman served on the Los Angeles City Council from 1965 until 1974, when he was elected to the Los Angeles County Board of Supervisors. He served for the County office for twenty years until his retirement in 1994. He was succeeded in both offices by Zev Yaroslavsky. Children's Court lease revenue bonds series A and lease revenue bonds series 2002A and 2004A E[acute accent]-- Los Angeles County Public Works Financing Authority, lease revenue bonds series 2005 (Calabasas Landfill Project) E[acute accent]-- Los Angeles County Courthouse Corp., certificates of participation series 2000A (Antelope Valley Courthouse Project) E[acute accent]Ratings affirmed at 'A-' E[acute accent]-- The City of Los Angeles
E[acute accent]-- Sonnenblick-Del Rio El Monte Asset Leasing Corporation, Calif.'s Senior Certificates of Participation, Series 1999 (Department of Public Social Services Facility) E[acute accent]-- Sonnenblick-Del Rio El Monte Asset Leasing Corporation, Calif.'s Senior Certificates of Participation, Series 2001 (Department of Public Social Services Facility-Phase II) E[acute accent]-- Sonnenblick-Del Rio West Los Angeles
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