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Moody’s Investors Service assigned a Aa3 to the City of Los Angeles Departments of Airports - Los Angeles International Airport Enterprise’s, CA (LAX) Series 2016C Senior Refunding Revenue Bonds and a rating of A1 on Series 2016B Subordinate Revenue Bonds. Moody’s maintains the Aa3 rating on LAX’s $3.6 billion outstanding senior lien bonds and A1 rating on the $1.1 billion outstanding subordinate lien debt. LAX is managed by Deparment of Airports of the City of Los Angeles (aka Los Angeles World Airports, or LAWA), which also currently manages three other airports. The rating outlook is stable.

Moody’s Investors Service has upgraded Los Angeles Department of Airports - Los Angeles International Airport Enterprise’s $3.4 billion Senior Revenue Bonds to Aa2 from Aa3 and $2.7 billion Subordinate Revenue Bonds to Aa3 from A1. Concurrently, Moody’s assigned Aa3 to the $483.3 million Subordinate Revenue Bonds, 2018 Series D and the $166.7 million Subordinate Revenue Bonds, 2018 Series E. The outlook is stable.