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Related Issuers
Rating Action:

Moody's assigns Aa3 rating to City of Tampa's (FL) $46.2 million Utilities Tax Revenue Bonds, Series 2012 A, B & C

15 Nov 2012

Aa3 rating affects $193.3 million in rated post-sale outstanding subordinate lien utilities tax revenue bonds

New York, November 15, 2012 --

Moody's Ratings

Issue: Utilities Tax Refunding Revenue Bonds, Series 2012A; Rating: Aa3; Sale Amount: $24,985,000; Expected Sale Date: 11-20-2012; Rating Description: Special Tax: Non-Sales/Non-Transportation

Issue: Utilities Tax Revenue Bonds, Series 2012B; Rating: Aa3; Sale Amount: $13,650,000; Expected Sale Date: 11-20-2012; Rating Description: Special Tax: Non-Sales/Non-Transportation

Issue: Taxable Utilities Tax Refunding Revenue Bonds, Series 2012C; Rating: Aa3; Sale Amount: $7,550,000; Expected Sale Date: 11-20-2012; Rating Description: Special Tax: Non-Sales/Non-Transportation

Opinion

Moody's Investors Service has assigned a Aa3 rating to the City of Tampa's (FL) $25 million Utilities Tax Refunding Revenue Bonds, Series 2012A, $13.7 million Utilities Tax Revenue Bonds, Series 2012B and $7.6 million Taxable Utilities Tax Refunding Revenue Bonds, Series 2012C. Concurrently, Moody's has affirmed the Aa3 rating on $179.6 million in rated parity subordinate lien utility tax bonds as well as the Aa2 rating on $36.3 million in rated outstanding senior lien utility tax revenue bonds. The currently-offered bonds are secured by a subordinate lien on the city's utilities tax, after payment of debt service on senior lien utilities tax bonds (which have a closed lien). Moody's has also affirmed the Aa1 issuer rating of the city.

Bond proceeds of Series 2012 A and C will refund a total of three series of outstanding bonds and extend the final maturity of the bonds by eight years, resulting in an estimated net present value loss equal to 4.1% of refunded principal but no material increase in MADS. Proceeds from the Series 2012 B bonds will fund the purchase of enterprise resource planning system.

Security features include a springing debt service reserve, an additional bonds test and a rate covenant both based on 125% coverage (considering tax increment revenues into the formula for the senior lien bonds). The rate covenant currently has no practical application as utility taxes are levied at maximum allowable levels, but it recognizes any future potential for the state to raise these maximum levels, at which time it would become applicable.

SUMMARY RATINGS RATIONALE

The Aa3 utility tax rating is based on the subordinate lien status of utility taxes, still-favorable debt service coverage despite recent weakened pledged revenue collections, and favorable city credit characteristics including a positive financial position, manageable debt load with no additional non-enterprise debt planned in the intermediate term, and mature but regionally important economy which is currently struggling. Further, the Aa2 senior lien bond rating is based on the senior lien status of the bonds, the short remaining three-year life of the issue and the fact that additionally-pledged tax increment revenues are effectively used to pay debt service, enhancing coverage and bondholder protections. Officials, to date, have taken appropriate actions to deal with the budgetary challenges and declines in major revenue sources that have been posed by a weakened economy.

The Aa1 issuer rating reflects the city's position as an economic and trade center for western Florida with a sizable, albeit recently declined, tax base and above-average socioeconomic factors. The rating also incorporates the city's historically sound financial position supported by formal fiscal policies and a manageable debt burden.

STRENGTHS

- Broad-based, regional economy

- Solid financial position

- Conservatively-structured debt profile and well-funded pension systems

CHALLENGES

- Regaining budgetary structural balance in a weakened economic environment

- Will require significant job creation to drive down still-high unemployment rates

WHAT COULD MAKE THE RATING GO UP:

- Material improvement in economic conditions

- Maintaining and enhancing cash and reserve position

- Significant improvement in coverage

WHAT COULD MAKE THE RATING GO DOWN:

- Continued and prolonged economic weakening

- Depletion of cash and reserves

- Deterioration of debt service coverage levels

PRINCIPAL METHODOLOGY USED

The principal methodology used in this rating was US Public Finance Special Tax Methodology published in March 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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

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The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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.

Lauren Von Bargen
Analyst
Structured 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

Julie Beglin
Vice President - Senior 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 Aa3 rating to City of Tampa's (FL) $46.2 million Utilities Tax Revenue Bonds, Series 2012 A, B & C
No Related Data.
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