<div id="readability-page-1"><div>KBRA Assigns AAA Rating, Stable Outlook to Los Angeles Unified School District General Obligation Bonds, Series QRR (2026) and 2026 General Obligation Refunding Bonds, Series A KBRA assigns a long-term rating of AAA to the Los Angeles Unified School District (County of Los Angeles, CA) General Obligation Bonds, Series QRR (2026) (Dedicated Unlimited Ad Valorem Property Tax Bonds), and 2026 General Obligation Refunding Bonds, Series A (Dedicated Unlimited Ad Valorem Property Tax Bonds). Concurrently, KBRA affirms the long-term rating of AAA on the District's outstanding General Obligation Bonds. The Outlook is Stable. Key Credit Considerations The rating was assigned because of the following key credit considerations: Credit Positives <ul> <li> A broad, diverse tax base with historically favorable trends in wealth, commercial activity, and property values provides a very strong source of GO debt repayment. </li> <li> Per consultation with external counsel, KBRA considers the bondholder protections afforded by the California constitution and state law to be robust. </li> <li> The statutory framework for fiscal monitoring and reporting outlined in AB 1200 is a key credit strength for California school districts. </li> </ul> Credit Challenges <ul> <li> The District's financial operations are increasingly challenged, as evidenced by continued deficit spending and projections of significantly reduced fund balance through FY 2028. </li> </ul> Rating Sensitivities For Upgrade <ul> <li> Not applicable at AAA rating level </li> </ul> For Downgrade <ul> <li> Significant tax base decline necessitating a substantial increase in the tax rate required for debt service. </li> <li> Deterioration in the District’s underlying credit profile to a level at which the structural protections no longer provide support consistent with the current rating. </li> <li> Reduction in the General Fund balance below the 5% of expenditures policy threshold could pressure the rating. </li> </ul> To access ratings and relevant documents, click here. Methodologies <ul> <li> Public Finance: U.S. Local Government General Obligation Rating Methodology </li> <li> ESG Global Rating Methodology </li> </ul> Disclosures A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com. About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1014450 <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA0MTQ0NjgyODVyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA0MTQ0NjgyODVyMQ"/> Analytical Contacts Linda Vanderperre, Managing Director (Lead Analyst) +1 646-731-2482 linda.vanderperre@kbra.com Peter Scherer, Senior Director +1 646-731-2325 peter.scherer@kbra.com Douglas Kilcommons, Managing Director (Rating Committee Chair) +1 646-731-3341 douglas.kilcommons@kbra.com Business Development Contacts William Baneky, Managing Director +1 646-731-2409 william.baneky@kbra.com James Kissane, Senior Director +1 646-731-2380 james.kissane@kbra.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260414468285/en/</div></div>

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KBRA 已对洛杉矶联合学区的普通债券 QRR 系列（2026 年）和再融资债券 A 系列赋予长期 AAA 评级，并展望稳定。该评级反映了强大的税基和加州法律下对债券持有人的强有力保护。然而，学区面临财务挑战，包括持续的赤字支出和预计到 2028 财年基金余额的下降。该评级对税基的显著下降或学区信用状况的恶化敏感

KBRA Assigns AAA Rating, Stable Outlook to Los Angeles Unified School District General Obligation Bonds, Series QRR (2026) and 2026 General Obligation Refunding Bonds, Series A

KBRA 为洛杉矶联合学区的一般责任债券 QRR 系列（2026 年）和 2026 年一般责任再融资债券 A 系列授予 AAA 评级，展望为稳定