...S&P Global Ratings assigned its 'SP-2' short-term rating to El Cerrito, Calif.'s series 2020-2021 tax and revenue anticipation notes (TRANs). The notes will be issued in a par amount of approximately $8.5 million and are secured by unrestricted taxes, income, revenue, cash receipts, and other moneys that are received by the city for the general fund in fiscal 2021 and that are generally available for the payment of current expenses and other obligations of the city. The city has covenanted to deposit in a designated special account set-aside amounts equal to 50% of the notes' principal at the end of January 2021, 50% of principal at the end of May 2021, and all interest due on the notes at the end of June 2021. Final maturity of the TRANs will be July 1, 2021. We understand that city officials intend to use TRAN proceeds to fund seasonal cash flow deficits during the fiscal year....