• On 21 May 2013, Moody’s announced rating actions on MBIA Insurance Corp., National Public Finance Guarantee Corp., MBIA Inc. and other related entities. Because of the large number of credits across several asset classes affected by these rating actions, including Moody's-rated securities that are guaranteed or "wrapped" by these companies, ratings appearing on this website may not yet reflect current information. For current information on affected credits, please visit www.moodys.com/fig.
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Rating Action:

MOODY'S ASSIGNS INITIAL A1 RATING FOR DUNEDIN'S (FL) WATER AND SEWER SYSTEM REFUNDING REVENUE BONDS, SERIES 2012 AND AN INITIAL Aa3 RATING TO STORMWATER SYSTEM REFUNDING REVENUE BONDS, SERIES 2012

Global Credit Research - 17 May 2012

New York, May 17, 2012 --

Moody's Rating

Issue: Water and Sewer System Refunding Revenue Bonds, Series 2012; Rating: A1; Sale Amount: $16,900,000; Expected Sale Date: 5/17/2012; Rating Description: Revenue: Government Enterprise

Issue: Stormwater System Refunding Revenue Bonds, Series 2012; Rating: Aa3; Sale Amount: $6,500,000; Expected Sale Date: 5/17/2012; Rating Description: Revenue: Government Enterprise

Opinion

Moody's Investors Service has assigned an initial A1 rating to the City of Dunedin's (FL) $16.9 million Water and Sewer System Refunding Revenue Bonds, Series 2012 and an initial Aa3 rating to the city's $6.5 million Stormwater System Refunding Revenue Bonds, Series 2012. The bonds are secured solely by the net revenues of their respective systems. Proceeds from the water and sewer bonds will be used to refund a portion of the city's 1993 Combined Utility Revenue Bonds, finance a number of capital projects, and fund the termination payment on the system's 2007 bonds. Proceeds from the stormwater bonds will be used to refund the remaining portion of the city's 1993 Combined Utility Revenue Bonds and finance system improvements.

SUMMARY RATING RATIONALE

The A1 rating on the water and sewer system reflects the system's modest size, satisfactory debt service coverage supported by adopted rate increases, and the expectation of no near-term parity obligations. The rating also considers the system's mature nature and highly-residential customer base.

The Aa3 rating on the stormwater system reflects satisfactory debt service coverage supported by adopted rate increases, and the expectation of no near-term parity obligations. The rating also considers the system's limited operating needs.

STRENGTHS

- Adequate water and sewer capacity with minimal projected growth in capacity demands

- Above-average, mature service area with average wealth levels

- Low debt burden

CHALLENGES

- Dislocation in the regional housing market has hampered customer growth

WHAT COULD MAKE THE RATING GO UP

- Significant improvement in the systems' financial profiles as evidenced by liquidity and/or coverage ratios

- Declines in debt ratio

WHAT COULD MAKE THE RATING GO DOWN

- Erosion of the systems' financial profiles as evidenced by deterioration in coverage ratios or liquidity positions

- Sizable increases in debt ratios

PRINCIPLE METHODOLOGY USED

The principal methodology used in this rating was Analytical Framework For Water And Sewer System Ratings published in August 1999. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Dora Lee
Associate Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Julie Beglin
Vice President - Senior Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

MOODY'S ASSIGNS INITIAL A1 RATING FOR DUNEDIN'S (FL) WATER AND SEWER SYSTEM REFUNDING REVENUE BONDS, SERIES 2012 AND AN INITIAL Aa3 RATING TO STORMWATER SYSTEM REFUNDING REVENUE BONDS, SERIES 2012
No Related Data.

 

© 2013 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


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