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Rating Action:

Moody's assigns Aa2 rating to Clackamas County, Oregon's Full Faith and Credit Obligations, Series 2012

Global Credit Research - 21 Aug 2012

$19 million of debt to be issued

New York, August 21, 2012 -- Moody's Rating

Issue: Full Faith and Credit Obligations, Series 2012; Rating: Aa2; Sale Amount: $19,140,000; Expected Sale Date: 9/6/12; Rating Description: General Obligation Limited Tax

Opinion

Moody's Investors Service has assigned a Aa2 rating to Clackamas County, Oregon's Full Faith and Credit Obligations, Series 2012. The obligations are secured by the county's full faith and credit pledge of all legally available resources, and are not subject to appropriation. Proceeds will finance the county's commitment to Tri-Met for its portion of the Portland Milwaukie Light Rail extension. Moody's maintains a Aa2 rating on the county's rated parity debt outstanding in the amount of $99.6 million, and a Aa1 issuer rating. The outlook on the county is stable.

SUMMARY RATING RATIONALE

The Aa2 rating primarily reflects the county's full faith and credit pledge as well as general credit characteristics that include a large tax base despite recent declines in real market value, a still modest though improved general fund balance, and a low direct debt burden.

The stable rating outlook reflects Moody's expectation that the county will maintain an adequate general fund balance in accordance with its policy level and consistent with its rated peers. Moody's also expects that the county will continue to benefit from participation in the greater Portland metro economy, and also maintain a favorable debt profile.

STRENGTHS

- Participation in the Portland (Aaa UTGO rating with stable outlook) metro area

- Favorable socioeconomic measures

- Low direct debt burden

CHALLENGES

- General fund balance below median for similarly-rated peers

- Declines in the tax base's real market value amid the regional housing downturn

WHAT COULD MAKE THE RATING GO UP

- Sustained strengthening of general fund balance

- Protracted and sustainable growth in real market value

- Significant appreciation in socioeconomic measures

WHAT COULD MAKE THE RATING GO DOWN

- Deterioration of the county's financial position

- Substantial, additional declines in real market value

PRINCIPAL RATING METHODOLOGY

The principal methodology used in this rating was General Obligation Bonds Issued by U.S. Local Governments, published in October 2009. 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, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service's information, and confidential and proprietary Moody's Analytics' 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.

Patrick Liberatore
Associate Analyst
Public Finance Group
Moody's Investors Service, Inc.
One Front Street, Suite 1900
San Francisco, CA 94111
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Bryan A. Quevedo
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 Aa2 rating to Clackamas County, Oregon's Full Faith and Credit Obligations, 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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