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Moody's Publishes Revised Methodology for Post-Default State Aid Intercept Programs and Financings

10 Apr 2013

724 Issuers' Post-Default Enhanced Ratings Placed on Review, Direction Uncertain

NOTE: On August 05, 2013, the press release was revised as follows: The number of affected entities and ratings corrected to 724 from 723 and the number of enhanced ratings of the issuers participating in the programs corrected to 719 from 718 in order to reflect the inclusion of Pulaski (Town of) VA to the List of Affected Credit Ratings.

New York, April 10, 2013 -- Moody's Investors Service has published its revised methodology for rating US state post default intercept programs and financings. The revised methodology substantially incorporates the changes Moody's proposed in its October 2, 2012, request for comment "Proposed Methodology for Post-Default State Aid Intercept Programs and Financings."

Moody's currently rates post-default state aid intercept program financings in five states. These programs enhance the ratings of school districts and local governments by redirecting state aid that would normally go to them to make debt service payments in the event of a payment default. Post-default programs make the aid available only after the local unit has defaulted. Most of these programs enhance the credit quality of school district or local government general obligation borrowings. Despite their presence in five states, there have been no documented instances of utilization of the post-default intercept for rated entities.

The revised methodology uses the credit quality of the issuer as the basis for ratings enhanced by post-default programs; the former methodology notched down from the rating of the sponsoring state. As a result of the change, Moody's is placing the enhanced ratings of 724 entities on review, direction uncertain. Those placed on review are school districts and local governments in the five states that have these programs: Arkansas, Indiana, New York, Pennsylvania and Virginia. The total amount of debt under review is $10.9 billion.

If the reviews lead to rating downgrades, these actions will likely be limited to one or two notches.

"We are revising our rating approach for post-default programs to one that builds on the underlying credit of the borrower, given that the credit enhancement provided by the state in post-default programs is not accessed until after a debt service default has occurred," says Moody's Managing Director Robert Kurtter. "Notching up from the underlying rating results in the default and recovery risk being adequately reflected in the enhanced rating, with the default probability more closely linked to the issuer's underlying credit quality."

Moody's assigns underlying ratings on the basis of the borrower's intrinsic financial strength without the benefit of a state's intercept mechanism. Since the ratings for post-default programs will be maintained at the level of the obligor, Moody's will no longer maintain ratings on the five post-default programs that it had rated.

Moody's also anticipates the post-default enhanced ratings, in general, will be capped at two rating notches below the rating of the state.

Moody's approach to rating issuers participating in a post-default program is based on two broad factors: revenue sufficiency and the timing and mechanics of notification requirements and intercept of the funds.

For more information, please see our methodology "State Aid Intercept Programs and Financings: Pre and Post Default." Please click on this link to access the methodology: http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM148741

Rating Impact of New Post Default Methodology

As a result of this methodology change, we have placed 724 ratings on review: 5 issuer ratings of the bond programs and 719 enhanced ratings of the issuers participating in the programs. We will apply our updated methodology to assess the associated ratings. The state programmatic ratings of the programs will be withdrawn.

In cases where Moody's assigns more than one rating to a debt instrument, the effective rating is the higher of the underlying rating, the enhanced rating, and the insured rating.

Please click on this link to access the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected obligor:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM152195

Issuers participating in the following bond programs are affected by the addition of Part II: Post-Default Intercept Programs to the updated methodology.

1. Arkansas School District Enhancement Program -- Aa3/RUR

2. Indiana School District Enhancement Program -- Aa2/RUR

3. New York State Section 99-B Intercept Program -- A1/RUR

4. Pennsylvania Act 150 School District Intercept Program -- A1/RUR

5. Virginia Localities Intercept Program -- Aa3/RUR

The principal methodology used in these ratings was State Aid Intercept Programs and Financings: Pre and Post Default published in April 2013. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

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.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Orlie Prince
Vice President - Senior 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

Robert A Kurtter
MD - Public Finance
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 Publishes Revised Methodology for Post-Default State Aid Intercept Programs and Financings
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