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Related Issuers
Aberdeen (City of) WA
Alabama (State of)
Alabama Economic Settlement Authority
Alabama Federal Aid Highway Finance Auth.
Alabama Highway Finance Corporation
Alabama Incentives Financing Authority
Alabama Public Health Care Authority
Alabama Public School & College Authority
Alaska (State of)
Alaska Municipal Bond Bank
Alaska Railroad Corporation
American Samoa (Territory of)
American Samoa Eco. Dev. Auth.
Arizona (State of)
Arizona Transportation Board
Arizona Wildlife Finance Corporation
Arkansas (State of)
Arkansas School District Intercept Program
Arkansas State Hwy and Transp. Dept.
Baltimore Board School Commissioners, MD
California (State of)
California Health Facilities Fin.Auth
California Infrastructure & Econ. Dev. Bank
California Municipal Finance Authority
California State Public Works Board
Citizens Property Insurance Corporation
City of Detroit Distributable State Aid Intercept Program
Clayton County Development Authority, GA
Colorado (State of)
Colorado Charter School Moral Obligation Program
Colorado Higher Education Enhancement Program
Colorado School District Enhancement Program
Colorado State Department of Transportation
Commissioner of Iron Range Res. & Rehab., MN
Commonwealth Financing Authority, PA
Connecticut (State of)
Connecticut Development Authority
Connecticut Health & Educational Fac. Auth.
DASNY Court Facilities Intercept Program
DASNY Master BOCES Intercept Program
DASNY Municipal Health Fac. Intercept Prog.
DASNY OPWDD Intercept Program
DASNY Sch. Dist. Rev. Bond Fin. Intcpt. Prog.
Delaware (State of)
Delaware Sustainable Energy Utility, Inc.
Delaware Transportation Authority
Dormitory Authority of the State of New York
Fairfax County Economic Development Auth., VA
Florida (State of)
Florida Department of Transportation
Florida Department of Transportation Financing Corporation
Florida Dept. of Environmental Protection
Florida Inland Protection Finance Corporation
Florida Insurance Assistance Interlocal Agcy.
Florida State Board of Education
Florida State Dept. of Children & Families
Garden State Preservation Trust, NJ
Georgia (State of)
Georgia School District Intercept Program
Georgia State Road & Tollway Authority
Golden State Tobacco Securitization Corp., CA
Grand Parkway Transportation Corp. TX
Grand Rapids Building Authority, MI
Guam (Government of)
Gulf Coast Center, TX
Hampton Roads Transportation Accountability Commission, VA
Harbor Regional Center, CA
Hartford (City of) CT
Hawaii (State of)
Hawaii Department of Transportation
Idaho (State of)
Idaho Bond Bank Authority
Idaho Fish and Wildlife Foundation, Inc., ID
Idaho Housing & Finance Association
Idaho Public Charter School Facilities Program
Idaho School Bond Sales Tax Guaranty Program
Idaho State Building Authority
Illinois (State of)
Indiana (State of)
Indiana Finance Authority
Indiana School District Intercept Program
Indiana Transportation Finance Authority
Inland Regional Center, CA
Iowa (State of)
JobsOhio Beverage System, OH
Kansas (State of)
Kansas Department of Transportation
Kansas Development Finance Authority
Kentucky (Commonwealth of)
Kentucky Asset/Liability Commission, KY
Kentucky Bond Development Corporation
Kentucky Public University Intercept Program
Kentucky School District Enhancement Program
Kentucky State Property and Build. Comm., KY
Kentucky Turnpike Authority
Land Clearance for Rdv Auth of St. Louis, MO
Louisiana (State of)
Louisiana Citizens Property Insurance Corp
Louisiana Loc. Govt. Env. Fac.& Comm.Dev.Auth
Louisiana Public Facilities Authority
Louisiana State Military Department
Louisiana Transportation Authority
MA State Coll Build Auth St Univ Intercpt Prog
Maine (State of)
Maine Educational Loan Authority
Maine Governmental Facilities Authority
Maine Municipal Bond Bank
Maine State Aid Intercept Program
Maine State Housing Authority
Maryland (State of)
Maryland Department of Transportation
Maryland Economic Development Corporation
Maryland Infrastructure Fin. Intercept Prog.
Maryland Stadium Authority
Maryland Water Quality Finance Administration
Massachusetts (Commonwealth of)
Massachusetts Bay Transportation Authority
Massachusetts Dept. of Trans.- Metro.Hwy.Sys.
Massachusetts Qualified Bond Program
Massachusetts School Building Authority, MA
Matanuska-Susitna (Borough of) AK
Metcalfe County Public Properties Corp., KY
Metropolitan Pier & Exposition Authority, IL
Metropolitan Transportation Authority, NY
Michigan (State of)
Michigan Cty. Dist. State Aid Intercept Prog.
Michigan Finance Authority
Michigan Natural Resources Commission
Michigan School Bond Qual. & Loan Prog. (New)
Michigan School Bond Qual.& Loan Prog. (Org.)
Michigan State Building Authority
Michigan State Department of Transportation
Michigan Strategic Fund
Milwaukee Redevelopment Authority, WI
Minnesota (State of)
Minnesota Credit Enhancement Program
Minnesota Housing Finance Agency
Minnesota School District Credit Enhancement Program
Mississippi (State of)
Mississippi Development Bank
Missouri (State of)
Missouri Board of Public Buildings
Missouri Highways & Transportation Commission
Missouri School District Direct Deposit Prog.
Montana (State of)
Montana Board of Investments
Montana Department of Transportation
Mount Pleasant (Village of) WI
Municipal Real Estate Funding, LLC
Nebraska (State of)
Nevada (State of)
New Hampshire (State of)
New Hampshire Bond Bank State Aid Intercept Program
New Jersey (State of)
New Jersey County College Enhancement Bond Program Ch. 12
New Jersey Economic Development Authority
New Jersey Municipal Qualified Bond Program
New Jersey Qualified School Bond Program
New Jersey Sports & Exposition Authority
New Jersey Transportation Trust Fund Auth.
New Mexico (State of)
New Mexico Finance Authority
New Mexico School District Intercept Program
New York (State of)
New York Convention Center Dev. Corp., NY
New York Local Government Assist. Corp.
New York Municipal School Aid Intercept Program
North Carolina (State of)
North Carolina Turnpike Authority
North Dakota (State of)
North Dakota Building Authority
Northern Virginia Transportation Authority, VA
Northern Virginia Transportation Commission
Oakland State Building Authority, CA
Ohio (State of)
Ohio (State of) Liquidity Program
Ohio Brd of Reg.Comm&Tech Coll. Cr Enh. Prog.
Ohio Building Authority
Ohio School District Credit Enhancement Prog.
Oklahoma (State of)
Oklahoma Capitol Improvement Authority
Oklahoma Development Finance Authority (The)
Oregon (State of)
Oregon Department of Administrative Services
Oregon Pension Obligation State Intercept Act
Oregon School Bond Guaranty Program
Oregon State Department of Transportation, OR
Pennsylvania (Commonwealth of)
Pennsylvania Economic Dev. Fin. Auth.
Pennsylvania General Municipal Pension System State Aid Program
Pennsylvania Turnpike Commission
Phoenix Civic Improvement Corporation, AZ
Port Authority of Allegheny County, PA
Rhode Island (State of)
Rhode Island Commerce Corporation
Rhode Island Convention Center Auth
Rhode Island HEBC Intercept Program
Riverside County Public Financing Auth., CA
Sacramento City Financing Authority, CA
South Carolina (State of)
South Carolina Fiscal Accountability Authority
South Carolina School District Credit Enhancement Program
South Carolina Transp. Infrastructure Bank
South Central Los Angeles Reg. Ctr. Proj. CA
South Dakota (State of)
South Dakota Health & Educational Facs. Auth.
South Jersey Port Corporation
Southeastern Pennsylvania Transp. Auth.
Sports&Exhib. Auth. of Pittsburgh & Allegheny
St. James (Parish of) LA
St. Paul Port Authority, MN
State Board of Administration Finance Corporation, FL
Tampa (City of) FL
Tampa Sports Authority, FL
Tennessee (State of)
Tennessee State Sch. Bd.Auth. Intercept Prog.
Tennessee State School Bond Authority, TN
Texas (State of)
Texas Economic Development Bank
Texas Higher Education Coordinating Board
Texas Public Finance Authority
Texas State Water Financial Assistance Prog.
Texas Transportation Commission
Texas Veterans Land Board
TN St Sch.Bd.Auth Higher Ed.Inter.Prog
U.S. Virgin Islands (Government of)
University of Connecticut, CT
Utah (State of)
Utah Charter School Credit Enhancement Program
Utah School District Bond Guaranty Program
Utah State Building Ownership Authority
Vermont (State of)
Vermont Educational & Hlth. Bldgs. Fin. Agy.
Vermont Housing Finance Agency
Vermont State Aid Intercept Program
Virginia (Commonwealth of)
Virginia College Building Authority
Virginia Commonwealth Transportation Board
Virginia Localities Intercept Program
Virginia Port Authority
Virginia Public Building Authority
Virginia Public School Authority
Virginia Resources Authority
Washington (State of)
Washington State School Bond Guarantee Prog.
West Virginia (State of)
West Virginia Commissioner of Highways
West Virginia Economic Development Authority
West Virginia Higher Ed. Policy Comm., WV
West Virginia School Building Authority
West Virginia Water Development Authority
Wisconsin (State of)
Wisconsin Department of Transportation
Announcement of Periodic Review:

Moody's announces completion of a periodic review for the US States and territories and certain related entities

07 Jul 2022

New York, July 07, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.

The review was conducted through a portfolio review discussion held on 29 June 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

Key Rating Considerations

The principal methodology used for the rated entity listed below was Public Sector Pool Programs and Financings Methodology published in April 2020. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.  

Public Sector Pool Programs and Financings Methodology

Financial Position:  Metrics may include but are not limited to balance sheet strength; cash flow projections; operating performance, and default tolerance.

Loan Portfolio:   Metrics may include but are not limited to portfolio performance; portfolio characteristics; asset management; state and local real estate conditions; number of loans in portfolios; concentration of borrowers in the pools.

Debt and Counterparties:   Metrics may include but are not limited to amount of variable rate debt in program; credit quality of counterparties.

Management and Governance:   Metrics may include but are not limited to management and governance, operating environment, risk position, risk management infrastructure.

- Massachusetts Bay Transportation Authority

The principal methodology used for the rated entities listed below was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts published in May 2017. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.  

Rating Transactions Based on the Credit Substitution Approach: Letter of Credit-backed, Insured and Guaranteed Debts

Third-party credit support:  The goal of third-party credit support is to substitute the credit risk of the support provider for the credit risk of the issuer. For credit substitution to be achieved, investors must be insulated from the risk of payment default by the underlying obligor. Generally, the long-term ratings on credit-supported transactions track the long-term rating assigned to the credit provider.

Additional Considerations:  Credit substitution requires more than just the presence of a credit support instrument from a third-party credit provider. The transaction documentation provides clear instructions to ensure that payments under the credit support facility are made when due and that there are no impediments to the timely payment of debt service. The key elements evaluated include: mitigation of bankruptcy risk of issuer; sufficiency of credit support; structural provisions which provide for the timely payment of debt service; bondholders to be paid in full if credit support expiration or termination will result in a change.

- Alabama Economic Settlement Authority

- Louisiana (State of)

The principal methodology used for the rated entities listed below was Short-term Debt of US States, Municipalities and Nonprofits Methodology published in July 2020. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Short-term Debt of US States, Municipalities and Nonprofits Methodology

Quality of Issuer:  Metrics may include but are not limited to the  long-term rating of the Issuer/Obligor/US Government.

Structure and Notification Procedures:   Metrics may include but are not limited to clarity in the relevant legal documents documenting roles and responsibilities of all parties to the transaction.  

Strength of Debt and Treasury Functions:  Metrics may include but are not limited to size and experience of dedicated staff; documentation of policies and procedures; history of compliance with internal policies and procedures; historic access to capital markets; history of size of working capital funds and related investment portfolio management.

Liquidity Sufficiency and Composition:   Metrics may include but are not limited to coverage ratio of liquid assets to demand debt or maturing commercial paper; diversification of sources of liquidity; availability of back-up bank facilities.

Project Risk:   Metrics may include but are not limited to length of the construction period for the project; cushion between expected project completion and note maturity; complexity of construction of the project; need for additional funding sources for project completion.

Borrower Risk:   Metrics may include but are not limited to quality of operating performance; adequacy of liquidity for operating needs and potential project overruns; history of project completion for other projects; essentiality of the project for the public good; size of the project compared to the tax base.

- Colorado (State of)

- Idaho (State of)

- Michigan State Building Authority

- Ohio (State of)

- Ohio (State of) Liquidity Program

- Tennessee (State of)

- Texas Public Finance Authority

- Texas Transportation Commission

- Wisconsin (State of)

The principal methodology used for the rated entities listed below was State Aid Intercept Programs and Financings Methodology published in March 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.  

State Aid Intercept Programs and Financings Methodology

Quality of Asset:   Metrics may include but are not limited to long term general obligation rating- or equivalent- of the issuer, credit quality of counterparties.

Program /Asset Essentiality:  Metrics may include but are not limited to the importance of the project to the core operations of the government.

Legal Structure and Program Mechanics:   Metrics may include but are not limited to strength of clarity and timing of the administrative process to make the annual debt service appropriation decisions, reliability and timeliness of state aid payments; debt service coverage levels and priority of payments.

- Arkansas School District Intercept Program

- City of Detroit Distributable State Aid Intercept Program

- Colorado Higher Education Enhancement Program

- Colorado School District Enhancement Program

- Commissioner of Iron Range Resources and Rehabilitation, MN

- DASNY Court Facilities Intercept Program

- DASNY Master Boces Intercept Program

- DASNY Municipal Health Fac. Intercept Prog.

- DASNY Opwdd Intercept Program

- DASNY Sch. Dist. Rev. Bond Fin. Intcpt. Prog.

- Dormitory Authority of The State of New York

- Georgia School District Intercept Program

- Indiana School District Intercept Program

- Kentucky Public University Intercept Program

- Kentucky School District Enhancement Program

- MA State Coll Build Auth St Univ Intercpt Prog

- Maine State Aid Intercept Program

- Maryland Infrastructure Fin. Intercept Prog.

- Massachusetts Qualified Bond Program

- Michigan Cty. Dist. State Aid Intercept Prog.

- Minnesota Credit Enhancement Program

- Minnesota School District Credit Enhancement Program

- Missouri School District Direct Deposit Prog.

- New Hampshire Bond Bank State Aid Intercept Program

- New Jersey Municipal Qualified Bond Program

- New Jersey Qualified School Bond Program                      

- New Mexico School District Intercept Program

- New York Municipal School Aid Intercept Program

- North Dakota Department of Public Instruction

- Ohio Brd of Reg.Comm&Tech Coll. Cr Enh. Prog.

- Ohio School District Credit Enhancement Prog.

- Oregon Pension Obligation State Intercept Act

- Pennsylvania General Municipal Pension System State Aid Program

- Rhode Island Hebc Intercept Program

- South Carolina School District Credit Enhancement Program

- Tennessee State Sch. Bd.Auth. Intercept Prog.

- TN St Sch.Bd.Auth Higher Ed.Inter.Prog

- Vermont State Aid Intercept Program

- Virginia Localities Intercept Program

- Virginia Resources Authority

The principal methodology used for the rated entities listed below was US Public Finance Special Tax Methodology published in January 2021. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.  

US Public Finance Special Tax Methodology

Revenue Base Characteristics:  Metrics may include but are not limited to tax base size measured by per capital income relative to US average; GDP growth;  full value; median family income and/or size of operating and maintenance budget; nature of pledge supporting repayment.

Market Position:  Metrics may include but are not limited to revenue predictability and stability; service area or system size; asset condition; utilization; legal ability to match revenues and spending.

Financial Position:   Metrics may include but are not limited to debt service coverage; absolute fund balance and cash position; budget flexibility; revenue trends; relationship between inflows and outflows.

Debt Affordability:   Metrics may include but are not limited to leverage as defined by debt to  long term liabilities or spendable cash and investments to debt, leverage to revenues; ability to issue additional debt on the same revenue base; any debt service reserve funds and requirement; fixed costs compared to own source revenues.

-  Alabama Federal Aid Highway Finance Authority

- Alabama Highway Finance Corporation

- Alabama Public School & College Authority

- Alaska Railroad Corporation

- Arizona Transportation Board

- California Health Facilities Financing Authority

- Citizens Property Insurance Corporation

- Colorado State Department of Transportation

- Commissioner of Iron Range Resources And Rehabilitation, MN

- Connecticut (State of)

- Delaware Transportation Authority

- Dormitory Authority of The State of New York

- Florida (State of)

- Florida Inland Protection Finance Corporation

- Florida Insurance Assistance Interlocal Agcy.

- Georgia State Road & Tollway Authority

- Grand Parkway Transportation Corp. TX

- Guam (Government of)

- Hampton Roads Transportation Accountability Commission, VA

- Hawaii Department of Transportation

- Idaho Bond Bank Authority

- Idaho Housing & Finance Association

- Idaho School Bond Sales Tax Guaranty Program

- Illinois (State of)

- JobsOhio Beverage System, OH

- Kansas Department of Transportation

- Kansas Development Finance Authority

- Kentucky Asset/Liability Commission

- Land Clearance For Redevelopment Authority of The City of St. Louis, MO

- Louisiana (State of)

- Louisiana Citizens Property Insurance Corporation

- Maine Municipal Bond Bank

- Maine State Housing Authority

- Maryland Department of Transportation

- Maryland Stadium Authority

- Maryland Water Quality Finance Administration

- Massachusetts (Commonwealth of)

- Massachusetts Bay Transportation Authority

- Massachusetts School Building Authority, MA

- Michigan Natural Resources Commission

- Michigan State Department of Transportation

- Mississippi (State of)

- Missouri Highways & Transportation Commission

- Montana Department of Transportation

- Nevada (State of)

- New Hampshire (State of)

- New Jersey Economic Development Authority

- New Jersey Transportation Trust Fund Authority

- New Mexico (State of)

- New York Convention Center Development Corporation, NY

- North Carolina (State of)

- Northern Virginia Transportation Authority, VA

- Northern Virginia Transportation Commission

- Ohio (State of)

- Oregon Department of Administrative Services

- Oregon State Department of Transportation, OR

- Pennsylvania Turnpike Commission

- Phoenix Civic Improvement Corporation, AZ

- Port Authority of Allegheny County, PA

- Rhode Island Commerce Corporation

- South Carolina Transportation Infrastructure Bank

- Southeastern Pennsylvania Transportation Authority

- State Board of Administration Finance Corporation

- Texas Transportation Commission

- Vermont Housing Finance Agency

- Virginia Commonwealth Transportation Board

- Washington (State of)

- West Virginia Commissioner of Highways

- West Virginia Economic Development Authority

- West Virginia Higher Education Policy Commission, WV

- Wisconsin Department of Transportation

The principal methodology used for the rated entities listed below was US States and Territories Methodology published in March 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

US States and Territories Methodology

Revenue Base Characteristics:  Metrics may include but are not limited to tax base size measured by per capital income relative to US average; GDP growth;  full value; median family income and/or size of operating and maintenance budget; nature of pledge supporting repayment.

Market Position:  Metrics may include but are not limited to revenue predictability and stability; service area or system size; asset condition; utilization; legal ability to match revenues and spending.

Financial Position:   Metrics may include but are not limited to debt service coverage; absolute fund balance and cash position; budget flexibility; revenue trends; relationship between inflows and outflows.

Debt Affordability:   Metrics may include but are not limited to leverage as defined by debt to  long term liabilities or spendable cash and investments to debt, leverage  compared to revenues; ability to issue additional debt on the same revenue base; any debt service reserve funds and requirement; fixed costs compared to own source revenue

- Alabama (State of)

- Alaska (State of)

- Alaska Municipal Bond Bank

- American Samoa (Territory of)

- Arizona (State of)

- Arizona Wildlife Finance Corporation

- Arkansas (State of)

- Baltimore Board School Commissioners, MD

- California (State of)

- Colorado (State of)

- Colorado Charter School Moral Obligation Program

- Connecticut (State of)

- Delaware (State of)

- Florida (State of)

- Georgia (State of)

- Guam (Government of)

- Harbor Regional Center, CA

- Hawaii (State of)

- Idaho (State of)

- Idaho Public Charter School Facilities Program

- Illinois (State of)

- Indiana (State of)

- Inland Regional Center, CA

- Iowa (State of)

- Kansas (State of)

- Kentucky (Commonwealth of)

- Louisiana (State of)

- Maine (State of)

- Maryland (State of)

- Maryland Department of Transportation

- Maryland Stadium Authority

- Massachusetts (Commonwealth of)

- Massachusetts Department of Transportation Metropolitan Highway System

- Michigan (State of)

- Michigan School Bond Qual. & Loan Prog. (New)

- Michigan School Bond Qual.& Loan Prog. (Org.)

- Minnesota (State of)

- Mississippi (State of)

- Missouri (State of)

- Montana (State of)

- Montana Board of Investments

- Nebraska (State of)

- Nevada (State of)

- New Hampshire (State of)

- New Jersey (State of)

- New Jersey Cnty College Enhment Prog. Ch. 12

- New Mexico (State of)

- New York (State of)

- North Carolina (State of)

- North Dakota (State of)

- Ohio (State of)

- Oklahoma (State of)

- Oregon (State of)

- Oregon School Bond Guarantee Program

- Pennsylvania (Commonwealth of)

- Rhode Island (State of)

- South Carolina (State of)

- South Central Los Angeles Reg. Ctr. Proj. CA

- South Dakota (State of)

- Tennessee (State of)

- Texas (State of)

- U.S. Virgin Islands (Government of)

- Utah (State of)

- Utah Charter School Credit Enhancement Program

- Utah School District Bond Guaranty Program

- Vermont (State of)

- Virginia (Commonwealth of)

- Washington (State of)

- Washington State School Bond Guarantee Prog.

- West Virginia (State of)

- Wisconsin (State of)

The principal methodology used for the rated entities listed below was Variable Rate Instruments Supported by Conditional Liquidity Facilities published in March 2017. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Variable Rate Instruments Supported by Conditional Liquidity Facilities

Quality of Support Provider/Asset:  Metrics may include but are not limited to ratings on the provider of mortgage enhancement, liquidity facilities, letters of credit, deposited assets, counterparties and program participants.

Sufficiency of Support:  Provisions may include but are not limited to cash flow sufficiency to pay scheduled debt service; size of credit or liquidity facilities; provisions for timely payment of debt service.

Legal Structure:  Provisions may include but are not limited to mitigation of bankruptcy risk, enforceability of the credit/liquidity facility, events which result in termination of the support facility, pledged security, exemption from registration under the securities acts.

- Connecticut (State of)

- Indiana Finance Authority

- Maryland Stadium Authority

- Massachusetts (Commonwealth of)

- Massachusetts Bay Transportation Authority

- Oregon (State of)

- Sports & Exhib. Auth. of Pittsburgh & Allegheny

- Texas (State of)

- Texas Transportation Commission

- Wisconsin Department of Transportation

This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.

Please see the Issuer page on https://ratings.moodys.com for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.

This publication does not announce a credit rating action.

For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com

for the most updated credit rating action information and rating history.


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Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY100,000 to approximately JPY550,000,000.

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

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