The County of Los Angeles once again received the highest short-term ratings from the nation’s top three credit rating agencies for the County’s annual short-term cash flow financing.

Fitch Ratings has assigned a “F1+” rating which represents the firm’s highest possible short-term credit rating, assigned to those organizations with an “exceptionally strong capacity to meet its financial commitment” over the next 12 months.

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In its announcement, Fitch cited the County’s strong cash position, and diverse economy, and praised the County’s financial operations as well managed with significant reserves.

Standard & Poor’s assigned Los Angeles County an “SP-1+,” its highest possible rating for short-term municipal notes, citing the County’s long-term creditworthiness and conservative cash flow projections.

Moody’s has assigned a rating of “MIG 1,” which is defined as providing “superior credit quality,” whereby “excellent protection is afforded by established cash flows.”

The Board of Supervisors has authorized the sale of up to $1.5 billion Tax and Revenue Anticipation Notes (TRANs) for the 2011-12 fiscal year.  The notes are expected to be sold on June 15 and delivered to investors on July 1.  Los Angeles County has issued TRANs annually since 1977 to assist with cash management. The County’s short-term borrowing program is necessary since the County receives certain revenues, such as property taxes, on an uneven basis throughout the year.

“The ratings by Moody’s, Standard & Poor’s, and Fitch Ratings are a testament to the fiscal management of the County’s Board of Supervisors,” said Los Angeles County Chief Executive Officer William T Fujioka. “The County is in much better financial shape than many other cities and counties because of the leadership and long-term financial discipline of our Board.”