...S&P Global Ratings assigned its 'SP-1' short-term rating to El Cerrito, Calif.'s approximately $6 million series 2021-2022 tax and revenue anticipation notes (TRANs). The notes are secured by unrestricted taxes, income, revenue, cash receipts, and other funds that are received by the city for the general fund in fiscal 2022 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 2022, 50% of principal at the end of May 2022, and all interest due at the end of June 2022. Final maturity of the TRANs will be July 7, 2022. We understand that city officials intend to use TRAN proceeds to fund seasonal cash-flow deficits during the fiscal year....