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Rating Action:

Moody's assigns Aa1 to High Point's (NC) $15.8M GO Bonds Series 2014; outlook stable

Global Credit Research - 14 Apr 2014

Aa1 applies to $91M outstanding GO debt

New York, April 14, 2014 --

Moody's Rating

Issue: General Obligation Refunding Bonds, Series 2014; Rating: Aa1; Sale Amount: $9,765,000; Expected Sale Date: 4/29/2014; Rating Description: General Obligation

Issue: General Obligation Public Improvement Bonds, Series 2014; Rating: Aa1; Sale Amount: $6,115,000; Expected Sale Date: 4/29/2014; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned a Aa1 rating to the City of High Point's (NC) $15.8 million General Obligation Bonds Series 2014. Concurrently, Moody's has affirmed the Aa1 rating on the city's $91million of General Obligation debt outstanding. A stable outlook has been assigned to all of the GO debt.

SUMMARY RATINGS RATIONALE

The rating reflects the city's sound financial position supported by conservative management and comprehensive policies, healthy tax base and diversifying local economy, and a manageable debt burden. The assignment of a stable outlook reflects our expectation that financial operations will remain sound in the near-term and the city's local economy will continue to benefit from a close proximity to larger metropolitan areas in the Piedmont Triad area.

$6 million in proceeds will provide new money financing for various city-wide capital improvement items, $10.2 million in proceeds will refund the city's series 2006 bonds for an expected net present value savings in excess of 4% without extending debt maturity.

STRENGTHS:

- Stable tax base with ongoing diversification efforts

-Conservative management with sound comprehensive policies

-Satisfactory financial flexibility

CHALLENGES:

-Elevated concentration in furniture industry, albeit moderating from historical levels

-Above-average employment volatility

-Declining socio- economic indices

OUTLOOK:

The stable outlook reflects our expectation that financial operations will remain sound in the near-term and the city's local economy will continue to benefit from a close proximity to larger metropolitan areas in the Piedmont Triad area.

WHAT COULD CHANGE THE RATING UP

-- Strengthening of tax base and demographic profile to levels more consistent with higher rating categories

-- Improved level of reserves

WHAT COULD CHANGE THE RATING DOWN

-- Protracted structural budget imbalance

-- Declining reserve levels

-- Deterioration of the city's tax base and demographic profile

RATING METHODOLOGY

The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2014. 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.

Tiphany Lee-Allen
Associate 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

Jennifer Diercksen
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 Aa1 to High Point's (NC) $15.8M GO Bonds Series 2014; outlook stable
No Related Data.

 

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