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Fitch Rates Los Angeles County Capital Asset Leasing Corp., California's $24.7MM Bonds 'A'.

Article Excerpt
SAN FRANCISCO -- Fitch Ratings assigns an 'A' rating to Los Angeles County Capital Asset Leasing Corp., California's $24,695,000 lease revenue bonds, 2009 series A (LAC-CAL Equipment Program). The bonds will be sold competitively on Nov. 16, 2009. Also, Fitch affirms its 'A' rating on various issues secured by county lease rental payments and 'A-' rating on other issues secured by Los Angeles County's lease payments but issued by other entities, as detailed below. The Rating Outlook for all issues is Stable.

The county's ratings reflect its diverse and mature economy, sound financial reserves, prudent management efforts to achieve fiscal balance, and low debt burden balanced by ongoing and sizable financial pressures. These pressures stem from a heavy social service spending burden coupled with lower state funding, the continued fiscal imbalance in the county's Department of Health Services (DHS), and a costly retiree medical program. Nonetheless, the county's reserve levels, while reduced, remain above average...

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