Inglewood, CA 2019 Taxable Lease Revenue Bonds Assigned 'A+' Rating; City Assigned 'AA-' ICR


CENTENNIAL (S&P Global Ratings) March 14, 2019--S&P Global Ratings assigned 
its 'A+' long-term rating to the Inglewood Joint Powers Authority, Calif.'s 
series 2019 taxable lease revenue refunding bonds, issued for the City of 
Inglewood. In addition, S&P Global Ratings assigned its 'AA-' issuer credit 
rating (ICR) to the city. The outlook is stable.

"The ICR reflects our view of the city's strong overall financial profile, 
evidenced by good revenue growth in recent years, along with sustained very 
strong reserves," said S&P Global Ratings credit analyst Michael Parker. 
"Adding to the city's credit strength are management's strong financial 
policies and an increasing tax base through valuation increases and new 
construction in the area."

The stable outlook reflects our view of the city's growing and stable economy, 
with strong commercial growth expected to support assessed value increases in 
the near term. In addition, we expect the growing tax base will contribute to 
good revenue growth in the coming years. The stable outlook also reflects our 
view of the city's strong management policies and practices and our 
expectation that the city will maintain at least strong general fund balances. 
However, should the city sustain reserves at levels we consider very strong 
and the city's debt profile moderates, coupled with improvement in key 
economic indicators to levels comparable with those of higher-rated peers, we 
could raise the ratings. Conversely, if the city depletes its reserves to a 
level below its fund balance policy-mandated minimum, we could consider 
lowering the ratings.

Proceeds of the series 2019 taxable lease revenue refunding bonds will be used 
to refund the city's series 2012 lease revenue bonds outstanding and to pay 
the costs of issuance.
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