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Rating Action:

Moody's assigns Aa3 rating to the Village of Bolingbrook's (IL) $28.3 million GO Refunding Bonds, Series 2013A

14 May 2013

Aa3 rating applies to $184.2 million of post-sale GO debt

New York, May 14, 2013 --

Moody's Rating

Issue: General Obligation Refunding Bonds, Series 2013A; Rating: Aa3; Sale Amount: $28,337,694; Expected Sale Date: 5/22/2013; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned a Aa3 rating to the Village of Bolingbrook's (IL) $28.3 million General Obligation Refunding Bonds, Series 2013A. Concurrently, Moody's has affirmed the Aa3 rating on the village's $184.2 million of outstanding general obligation debt, including the current offerings.

SUMMARY RATING RATIONALE

The bonds are secured by the village's general obligation unlimited tax pledge, which benefits from a property tax levy that is unlimited as to rate or amount. Proceeds from the current issuance will currently refund a portion of the village's outstanding Series 1999B and 2002B bonds, advance refund a portion of the village's Series 2006A and 2006B bonds, as well as refund a portion of the interest accruing on the Series 2007 and Series 2010A bonds. Affirmation and assignment of the Aa3 rating reflects the village's weak debt profile characterized by a high debt burden and extremely slow principal amortization; adequate financial operations, despite a narrow General Fund cash position, benefitting from home-rule status; and a large tax base favorably located near Chicago (GO rated Aa3/rating under review -- down).

STRENGTHS

-Easy access to employment centers in greater Chicagoland

-Home rule status, providing financial flexibility

CHALLENGES

-Economically-sensitive resources make up significant portion of General Fund revenues

-Large debt burden inclusive of accreted interest

What could change the rating -- UP

-Significant increase in the village's total and unassigned General Fund balance

-Reduction in accumulated advances from the General Fund

-Reduction in the village's debt burden and/or increased rate of principal amortization

What could change the rating -- DOWN

-Lack of improvement in the village's General Fund unassigned balance and cash position

-Further leveraging of the district's tax base

-Sizeable declines in the village's assessed valuations

RATING METHODOLOGY

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.

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.

Genevieve Nolan
Asst Vice President - 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

Mark G. Lazarus
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 the Village of Bolingbrook's (IL) $28.3 million GO Refunding Bonds, Series 2013A
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