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Related Issuers
Rating Action:

Moody's assigns Aaa underlying rating to Canyons School District, Utah's G.O. bonds

Global Credit Research - 06 Aug 2012

$146.0 million of debt affected; Aaa enhanced rating also assigned

New York, August 06, 2012 --

Moody's Rating

Issue: General Obligation Bonds (Utah School Bond Guaranty Program), Series 2012; Underlying Rating: Aaa; Enhanced Rating: Aaa; Sale Amount: $80,000,000; Expected Sale Date: 8-16-2012; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned an underlying Aaa rating to Canyons School District, Utah's, General Obligation Bonds (Utah School Bond Guaranty Program), Series 2012 in the approximate amount of $80.0 million. At this time, Moody's also affirms the Aaa underlying rating on the district's $66.0 million in outstand rated parity debt. The current offering is secured by the district's unlimited property tax pledge. The outlook on the district's debt is stable. The current offering will also receive the Aaa enhancement rating of the State of Utah's School District Bond Guaranty Program. Bond proceeds will be used to fund a new high school, as well as additions and repairs to district school facilities.

SUMMARY RATING RATIONALE

The Aaa underlying rating primarily reflects the district's large, mature tax base with favorable household wealth levels. The rating also incorporates the district's solid financial operations with ample reserves buttressing the district's short operating record, and modest debt profile featuring level taxing rates.

The stable outlook incorporates Moody's expectation that district financial performance will continue to outperform peers and the its tax base will remain sufficiently large for its rating class.

The Aaa enhanced rating, which carries a stable outlook, is based upon the assumption that the bonds will be backed by the State of Utah's School District Bond Guaranty Program. Under this program, the state's full faith and credit guarantees debt service payments by transfer of the state's general funds to the paying agent in the event of a shortfall for the district.

STRENGTHS

- Large and relatively wealthy tax base

- Solid financial operations highlighted by ample reserves

CHALLENGES

- New school district's limited operational track record

- Flat near-term enrollment constrains revenue growth

Outlook

The stable outlook incorporates Moody's expectation that district financial performance will continue to outperform peers and that its tax base will remain sufficiently large for its rating class.

WHAT COULD MAKE THE RATING MOVE UP

n/a

WHAT COULD MAKE THE RATING MOVE DOWN

- Significant deterioration in the district's financial position

- Protracted decline in the district's full valuation

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.

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

Dan Steed
Asst Vice President - 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 Aaa underlying rating to Canyons School District, Utah's G.O. bonds
No Related Data.

 

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