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Announcement:

Moody's: Outlook to Stable for Most Aaa-Rated Muni Credits Linked to U.S. Government

Global Credit Research - 07 Dec 2011

New York, December 07, 2011 -- Moody's Investors Service has completed its assessments of the rating outlooks of five Aaa-rated states and 161 Aaa local governments previously identified as indirectly linked to the U.S. government, affecting a combined $69 billion of debt. As a result of these assessments, Moody's has revised the outlook to stable from negative for two states and 119 local governments while the outlook remains negative for three states and 36 local governments.

In addition, six local governments continue to carry negative outlooks for reasons unrelated to the U.S. government. While Moody's does not view these issuers as indirectly linked to the U.S. government, their ratings are under review based on other credit factors. Also, one of the local governments originally placed on negative outlook in August was previously downgraded to Aa1 for reasons unrelated to the U.S. government.

Moody's assigned negative outlooks to these issuers on August 4, following the August 2 confirmation of the U.S. government's Aaa sovereign rating and assignment of a negative outlook. That sovereign rating action concluded a review for possible downgrade that Moody's had initiated on July 13.

RATINGS RATIONALE

"Today's actions are based on an expanded evaluation of the exposure each municipality has to the U.S. government, including economic sensitivity to federal spending reductions, dependence on federal transfers and exposure to capital markets disruptions" said Naomi Richman, Moody's Managing Director.

Moody's analysis includes specific metrics such as federal procurement activity, federal employment and healthcare employment as indicators of economic sensitivity. Medicaid expenditures for states and public hospital expenditures for local governments as indicators of direct exposure to federal spending are also considered along with the presence of short-term or puttable debt as an indicator of exposure to capital markets disruptions.

"Issuers with outlooks that remain negative are viewed as having greater exposure to potential cuts in federal employment and federal spending," said Ms. Richman.

The outlooks of South Carolina and Tennessee were revised to stable to reflect their relatively lower levels of financial and economic exposure to the U.S. The outlooks of Maryland, New Mexico and Virginia remain negative due to high concentrations of federal government employment and federal procurement.

"Maryland, New Mexico and Virginia have economies that are highly dependent on federal employment and federal spending," said Nick Samuels, Vice President on Moody's states rating team. "As a result, they are exposed to the risks posed by federal downsizing and spending cuts."

If the U.S. Aaa rating were to be placed under review or downgraded the ratings of municipal issuers with a negative outlook tied to the U.S. government would follow suit.

Moody's notes, however, that even with a return to a stable outlook for the U.S. sovereign rating, the ratings of some of these states and local governments may remain pressured if the measures designed to reduce the federal deficit significantly cut government spending or transfers in areas in which the municipality has concentrations.

Certain municipal issuers that had negative outlooks prior to the August rating actions will retain their negative outlooks for reasons unrelated to the U.S. government rating pressure. Additional information on those issuers can be found in the individual research on those entities at www.moodys.com. In addition, the ratings of two higher education and not-for-profit organizations and12 housing programs with indirect exposure to the U.S. government remain on negative outlook.

The list of affected issuers can be found below. A complete list of affected securities and a special comment with additional analysis, "Most Aaa-Rated State and Local Governments Revert to Stable Outlooks, Despite Negative Pressure on U.S. Government Rating," is available at www.moodys.com/USRatingActions.

The principal methodologies used in these rating actions were General Obligation Bonds Issued by U.S. Local Governments published in October 2009 and Moody's State Rating Methodology published in November 2004. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

LOCAL GOVERNMENTS WITH OUTLOOKS REVISED TO STABLE FROM NEGATIVE:

ALABAMA:

MOUNTAIN BROOK (CITY OF)

VESTAVIA HILLS (CITY OF)

CALIFORNIA:

MANHATTAN BEACH (CITY OF)

METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA

COLORADO:

JEFFERSON (COUNTY OF)

CONNECTICUT:

DARIEN (TOWN OF)

EASTON (TOWN OF)

GREENWICH (TOWN OF)

MADISON (TOWN OF)

NEW CANAAN (TOWN OF)

NORWALK (CITY OF)

RIDGEFIELD (TOWN OF)

WALLINGFORD (TOWN OF)

WESTON (TOWN OF)

WESTPORT (TOWN OF)

WILTON (TOWN OF)

WOODBRIDGE (TOWN OF) CT

DELAWARE:

NEW CASTLE (COUNTY OF)

FLORIDA:

BROWARD (COUNTY OF)

HILLSBOROUGH (COUNTY OF)

PALM BEACH (COUNTY OF)

PALM BEACH (COUNTY OF) WATER AND SEWER ENTERPRISE

GEORGIA:

COBB (COUNTY OF)

COBB (COUNTY OF) WATER AND SEWER ENTERPRISE

FORSYTH (COUNTY OF)

GWINNETT (COUNTY OF)

GWINNETT COUNTY SCHOOL DISTRICT

GWINNETT COUNTY WATER & SEWERAGE AUTHORITY

ILLINOIS:

DU PAGE COUNTY FOREST PRESERVE DISTRICT

WILMETTE (VILLAGE OF)

KANSAS:

JOHNSON & MIAMI COUNTY UNIFIED SCHOOL DISTRICT 229 (BLUE VALLEY)

JOHNSON (COUNTY OF)

JOHNSON COUNTY COMMUNITY COLLEGE

JOHNSON COUNTY UNIFIED SCHOOL DISTRICT 512 (SHAWNEE MISSION)

JOHNSON COUNTY WATER DISTRICT 1

LEAWOOD (CITY OF)

LENEXA (CITY OF)

OVERLAND PARK (CITY OF)

PRAIRIE VILLAGE (CITY OF)

KENTUCKY:

LOUISVILLE WATER WORKS BOARD

MASSACHUSETTS:

ACTON (TOWN OF)

BELMONT (TOWN OF)

BROOKLINE (TOWN OF)

CONCORD (TOWN OF)

CONCORD-CARLISLE REGIONAL SCHOOL DISTRICT

DOVER (TOWN OF)

HINGHAM (TOWN OF)

LEXINGTON (TOWN OF)

LINCOLN-SUDBURY REGIONAL SCHOOL DISTRICT

NEWTON (CITY OF)

WAYLAND (TOWN OF)

WELLESLEY (TOWN OF)

WESTON (TOWN OF)

MICHIGAN:

BIRMINGHAM SCHOOL DISTRICT

OAKLAND SCHOOL DISTRICT

MISSOURI:

LEE'S SUMMIT (CITY OF)

MINNESOTA:

DAKOTA (COUNTY OF)

EDINA INDEPENDENT SCHOOL DISTRICT 273

HENNEPIN (COUNTY OF) -- GENERAL OBLIGATION AND SALES TAX REVENUE

MAPLE GROVE (CITY OF)

MINNEAPOLIS (CITY OF)

MINNETONKA INDEPENDENT SCHOOL DISTRICT 276

RAMSEY (COUNTY OF)

ST. LOUIS PARK (CITY OF)

WASHINGTON (COUNTY OF)

WAYZATA (CITY OF)

WAYZATA INDEPENDENT SCHOOL DISTRICT 284

NEBRASKA:

OMAHA (CITY OF)

NEW JERSEY:

BERGEN (COUNTY OF)

MONMOUTH (COUNTY OF)

MORRIS (COUNTY OF)

NORTH CAROLINA:

DURHAM (COUNTY OF)

GREENSBORO (CITY OF)

GUILFORD (COUNTY OF)

MECKLENBURG (COUNTY OF)

NEW HANOVER (COUNTY OF)

WAKE (COUNTY OF)

WINSTON-SALEM (CITY OF)

OHIO:

FRANKLIN (COUNTY OF)

WASHINGTON (TOWNSHIP OF)

OREGON:

PORTLAND (CITY OF)

PENNSYLVANIA:

BUCKS (COUNTY OF)

CHESTER (COUNTY OF)

DOWNINGTOWN AREA SCHOOL DISTRICT

GREAT VALLEY SCHOOL DISTRICT

LOWER GWYNEDD (TOWNSHIP OF)

LOWER MERION (TOWNSHIP OF)

MONTGOMERY (COUNTY OF)

TREDYFFRIN (TOWNSHIP OF)

TREDYFFRIN-EASTTOWN SCHOOL DISTRICT

UPPER MERION (TOWNSHIP OF)

WEST CHESTER AREA SCHOOL DISTRICT

WISSAHICKON SCHOOL DISTRICT

TENNESSEE:

FRANKLIN (CITY OF)

HAMILTON (COUNTY OF)

MEMPHIS (CITY OF) WATER ENTERPRISE

WILLIAMSON (COUNTY OF)

TEXAS:

HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT

RICHARDSON (CITY OF)

TRAVIS (COUNTY OF)

UTAH:

CANYONS SCHOOL DISTRICT

JORDAN SCHOOL DISTRICT

SALT LAKE (COUNTY OF)

SALT LAKE CITY (CITY OF)

SALT LAKE CITY SCHOOL DISTRICT

VIRGINIA:

ALBEMARLE (COUNTY OF)

CHARLOTTESVILLE (CITY OF)

CHESTERFIELD (COUNTY OF)

HANOVER (COUNTY OF)

HENRICO (COUNTY OF)

WASHINGTON:

BELLEVUE (CITY OF)

KING (COUNTY OF)

KING COUNTY SCHOOL DISTRICT 1 (SEATTLE)

KING COUNTY SCHOOL DISTRICT 400 (MERCER ISLAND)

KING COUNTY SCHOOL DISTRICT 405 (BELLEVUE)

KING COUNTY SCHOOL DISTRICT 411 (ISSAQUAH)

KING COUNTY SCHOOL DISTRICT 414 (LAKE WASHINGTON)

SEATTLE (CITY OF)

WISCONSIN:

MEQUON-THIENSVILLE SCHOOL DISTRICT

LOCAL GOVERNMENTS WITH OUTLOOKS THAT REMAIN NEGATIVE DUE TO LINKAGE WITH U.S. GOVERNMENT:

ALABAMA:

HUNTSVILLE (CITY OF)

COLORADO:

DENVER (CITY & COUNTY OF)

EL PASO COUNTY SCHOOL DISTRICT 12 (CHEYENNE MOUNTAIN)

INDIANA:

HAMILTON (COUNTY OF)

MARYLAND:

BALTIMORE (COUNTY OF)

BOWIE (CITY OF)

HARFORD (COUNTY OF)

HOWARD (COUNTY OF)

MONTGOMERY (COUNTY OF)

PRINCE GEORGE'S (COUNTY OF)

ROCKVILLE (CITY OF)

WASHINGTON SUBURBAN SANITARY DISTRICT

MISSOURI:

CHESTERFIELD (CITY OF)

ST. LOUIS (COUNTY OF)

NEW MEXICO:

ALBUQUERQUE METROPOLITAN ARROYO FLOOD CONTROL AUTHORITY

BERNALILLO (COUNTY OF)

OKLAHOMA:

OKLAHOMA (COUNTY OF)

OKLAHOMA CITY (CITY OF)

PENNSYLVANIA:

LOWER MERION SCHOOL DISTRICT (MONTGOMERY CO.)

TEXAS:

ALAMO COMMUNITY COLLEGE DISTRICT

BEXAR (COUNTY OF)

DALLAS (COUNTY OF)

SAN ANTONIO (CITY OF)

SAN ANTONIO RIVER AUTHORITY

TARRANT (COUNTY OF)

TARRANT COUNTY HOSPITAL DISTRICT

VIRGINIA:

ALEXANDRIA (CITY OF)

ARLINGTON (COUNTY OF)

FAIRFAX (CITY OF)

FAIRFAX (COUNTY OF)

FAIRFAX COUNTY WATER AUTHORITY

HERNDON (TOWN OF)

LOUDOUN (COUNTY OF)

PRINCE WILLIAM (COUNTY OF)

VIENNA (TOWN OF)

VIRGINIA BEACH (CITY OF)

LOCAL GOVERNMENTS WITH OUTLOOKS THAT REMAIN NEGATIVE DUE TO FACTORS OTHER THAN LINKAGE WITH U.S. GOVERNMENT:

CONNECTICUT:

FAIRFIELD (TOWN OF)

OHIO:

LAKOTA LOCAL SCHOOL DISTRICT (BUTLER COUNTY)

NEW JERSEY:

UNION (COUNTY OF)

NEW YORK:

WESTCHESTER (COUNTY OF)

TEXAS:

GARLAND INDEPENDENT SCHOOL DISTRICT

HARRIS (COUNTY OF)

LOCAL GOVERNMENT DOWNGRADED TO Aa1 SUBSEQUENT TO AUGUST 4, 2011 DUE TO FACTORS OTHER THAN LINKAGE WITH U.S. GOVERNMENT:

MASSACHUSETTS:

BEDFORD (TOWN OF)

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are considered EU Qualified by Extension and therefore available for regulatory use in the EU. 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.

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 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.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Naomi Richman
MD - Public Finance
Structured 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

Gail Sussman
MD - US Public Finance
Structured 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: Outlook to Stable for Most Aaa-Rated Muni Credits Linked to U.S. Government
No Related Data.

 

© 2014 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

 


CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATION") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

 


MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

 


ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

 


All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit 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 or in preparing the Moody’s Publications.

 


To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

 


To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

 


NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

 


MIS, a wholly-owned credit rating agency subsidiary of Moody’s Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

 


For Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail clients. It would be dangerous for "retail clients" to make any investment decision based on MOODY'S credit rating. If in doubt you should contact your financial or other professional adviser.

© 2014 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.
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