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Rating Action:

Moody's affirms Aa1 on Papillion, NE's GO & related ratings

29 Jan 2021

assigns Aa1 to non-contingent lease bonds

New York, January 29, 2021 -- Moody's Investors Service has assigned a Aa1 to the City of Papillion, NE's $4.1 million Building Refunding Bonds (Public Works And Park Maintenance Facilities) Series 2021 and $1.9 million Building Refunding Bonds (Eagle Hills Golf Course) Series 2021. Moody's affirms the Aa1 rating on the city's outstanding general obligation unlimited tax (GOULT), general obligation limited tax (GOLT) debt and non-contingent lease revenue debt. Following the sales, the city will have $11.4 million of non-contingent lease debt, all of which is rated by Moody's. The city will also have $27 million in outstanding GOULT debt, of all which Moody's rates. Additionally, the city has $20.5 million, and $68.5 million in outstanding GOLT debt, all of which is rated by Moody's.

RATINGS RATIONALE

The Aa1 GOULT rating reflects the city's sizable tax base with strong resident incomes and demographics that is supported by its ties to the Omaha (Aa2 stable) metro area. Also incorporated in the rating is the city's very strong fund balance and liquidity and no exposure to post-employment liabilities given is participation in defined-contribution pension plans. Additionally considered, is the city's elevated debt burden stemming from the city's growing population and demand for services. Despite the ongoing pandemic, the city's sales tax revenues continue to outperform budget.

The Aa1 GOLT rating reflects the credit characteristics inherent in city's Aa1 GOULT rating and the limited dedicated tax with significant margin under the authorized levy of $0.45 cents per $100 of assessed valuation, as well as the city's pledge to cover debt service with a dedicated portion of its sales tax receipts.

The Aa1 lease revenue rating reflects zero notching distinction from the city's underlying GO ratings due to the absolute unconditional pledge of the city that is not subject to annual appropriation or abatement risk. The rating further incorporates the significant margin under the city's pledged authorized limited property tax levy as $0.26, of the maximum $0.45 cents per $100 of assessed valuation, is currently being levied.

RATING OUTLOOK

Outlooks are typically not assigned to local governments with this amount of debt outstanding.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-Reduction in debt burden

-Substantial and sustained tax base growth and bolstering of resident income indices

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-Material decline in operating fund reserves or liquidity

-Growth in debt burden and fixed costs

LEGAL SECURITY

The non-contingent leases with GOLT backing, including the current issuances, are payable and secured solely by Basic Rent payments pursuant to a Lease-Purchase Agreement between the city and the Papillion Municipal Facilities Corporation. The rental payments are generated from the city's limited property tax levy, which is limited to $0.45 cents per $100 of assessed valuation. The city levied $0.26 cents of the $0.45 cent limit for fiscal 2020. The city's pledge to make rental payments is an absolute and unconditional pledge payable from the city's General Fund and is not subject to annual appropriation or abatement.

The city's GOULT debt is secured by the city's full faith and credit and pledge to levy unlimited ad valorem property taxes.

The city's GOLT debt is secured by sales tax receipts generated from a dedicated 0.5% of sales and use tax as well as a pledge of the city's general fund property tax levy, which is limited to $0.45 cents per $100 of assessed valuation.

USE OF PROCEEDS

The proceeds from the Building Refunding Bonds (Public Works And Park Maintenance Facilities) Series 2021 will be used to refund the Lease Purchase Bonds, Series 2012 and Building Bonds (Public Works Project), Series 2015.

The proceeds from the Building Refunding Bonds (Eagle Hills Golf Course) Series 2021 will be used to refund the Refunding Bonds (Eagle Hills Golf Course Project), Series 2015.

PROFILE

The City of Papillion is located approximately 10 miles south of the City of Omaha and 45 miles east of the City of Lincoln (Aaa stable). The city serves as the county seat to Sarpy County (Aaa stable), the third most populous county in Nebraska (Aa1 stable). The city provides general municipal governmental services, including sewer and water service, street construction and maintenance, library facilities, parks and recreational facilities and police and fire protection. The city's current population is estimated at 20,450 residents.

METHODOLOGY

The principal methodology used in the general obligation ratings was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260094. The principal methodology used in the lease ratings was Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260202. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.

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.

Katie Anthony
Lead Analyst
Regional PFG Chicago
Moody's Investors Service, Inc.
100 N Riverside Plaza
Suite 2220
Chicago 60606
US
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Tatiana Killen
Additional Contact
PF General Administration
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2021 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 CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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 OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER 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. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS 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.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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