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Rating Action:

Moody's assigns A1 to West Milwaukee, WI's $1.5M GO Notes series 2013A

Global Credit Research - 18 Oct 2013

A1 applies to $9.8M of outstanding GO debt

New York, October 18, 2013 --

Moody's Rating

Issue: General Obligation Promissory Notes Series 2013A; Rating: A1; Sale Amount: $1,490,000; Expected Sale Date: 10/21/2013; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned an A1 rating to the Village of West Milwaukee's (WI) $1.5 million General Obligation Promissory Notes, Series 2013A. Concurrently, Moody's has affirmed the A1 rating on the village's outstanding general obligation debt. Post-sale, the village will have $9.8 million of outstanding general obligation debt. The notes are secured by the city's general obligation unlimited tax pledge. Proceeds of the notes will finance a variety of infrastructure projects in the city's Tax Increment Districts (TID) #2 and #4.

SUMMARY RATINGS RATIONALE

The A1 rating reflects the village's modestly-sized tax base with a significant amount of taxpayer concentration; stable financial operations characterized by strong reserve levels; and above average debt burden and pension liabilities that is expected to remain manageable.

STRENGTHS

-Stable financial operations with strong reserve levels

-Favorable location adjacent to City of Milwaukee (general obligation rated Aa2/stable outlook)

CHALLENGES

-Modest tax base size with significant degree of taxpayer concentration

-Below average residential income indices

-Above average debt burden

WHAT COULD CHANGE THE RATING UP

-Strengthening of the village's tax base, including reduction in taxpayer concentration

-Improved residential wealth indices

WHAT COULD CHANGE THE RATING DOWN

-Continued declines in the city's tax base

-Material declines in General Fund reserve levels and/or liquidity

PRINCIPAL METHODOLOGY USED

The principal methodology used in this rating was General Obligation Bonds Issued by US Local Governments 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.

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

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.

Tatiana Killen
Analyst
Public Finance Group
Moody's Investors Service, Inc.
100 N Riverside Plaza
Suite 2220
Chicago, IL 60606
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Soo Yun Chun
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 A1 to West Milwaukee, WI's $1.5M GO Notes series 2013A
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.

 


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