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Related Issuers
Rating Action:

Moody's assigns Aa3 rating to the Borough of Red Bank's (NJ) $8.3 million General Obligation Bonds, Series 2012; Outlook revised to stable from negative

Global Credit Research - 05 Oct 2012

Affirms Aa3 rating affecting $25.2 million of outstanding GO bonds, including the current issue

New York, October 05, 2012 -- Moody's Rating

Issue: Water/Sewer Utility Bonds, Series 2012; Rating: Aa3; Sale Amount: $2,662,000; Expected Sale Date: 10-16-2012; Rating Description: General Obligation

Issue: General Improvement Bonds, Series 2012; Rating: Aa3; Sale Amount: $5,637,000; Expected Sale Date: 10-16-2012; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned a Aa3 rating to the Borough of Red Bank's (NJ) $8.3 million General Obligation Bonds, Series 2012, consisting of $5.64 million General Improvement Bonds and $2.66 million Water/Sewer Utility Bonds. Concurrently, Moody's has revised the borough's outlook to stable from negative and affirmed the Aa3 rating on $25.2 million of outstanding long-term unlimited general obligation bonds, including the current issue. Proceeds from these bonds will permanently finance outstanding Bond Anticipation Notes originally issued for water and general improvements. The bonds are secured by the borough's unlimited general obligation pledge.

SUMMARY RATINGS RATIONALE

The Aa3 rating reflects the borough's sizeable tax base, above average wealth levels and average debt burden.

The stable outlook reflects the borough's improved financial position with greater structural balance and augmented reserves .

STRENGTHS

- Sizeable tax base

- Strong wealth and income levels

-Additional available liquidity in utility funds

CHALLENGES

- Relatively narrow Current Fund balance level

- Deferral of school tax levy (albeit smaller than in previous years)

-High fixed costs, including debt service

WHAT COULD MAKE THE RATING GO UP:

-- Further decreases in the percentage of school tax levy deferred

--Augmentation of Current Fund balance

--Decline in debt burden and annual debt service costs

-- Maintenance of financial flexibility afforded by excess levy capacity and additional liquidity

WHAT COULD MAKE THE RATING GO DOWN:

-- Draws on reserves and/or reduced liquidity

-- Protracted economic weakness and tax base contraction

--Increases in the percentage of school tax levy deferred

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, public information, and confidential and proprietary Moody's Investors Service's 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.

Josellyn Yousef
Asst Vice President - 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 Aa3 rating to the Borough of Red Bank's (NJ) $8.3 million General Obligation Bonds, Series 2012; Outlook revised to stable from negative
No Related Data.

 

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