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Rating Action:

Moody's assigns Aa3 to Camino Real Com. Mental Health Mental Ret Ctr, TX revenue bonds; outlook stable

28 Jun 2018

New York, June 28, 2018 -- Moody's Investors Service has assigned a Aa3 rating to the Camino Real Community Mental Health Mental Retardation Center, TX's ("Camino Real Community Services") $3 million Renovation and Refunding Revenue Bonds, Series 2018. The bonds carry the stable outlook of the State of Texas (Aaa stable).

RATINGS RATIONALE

The Aa3 rating is derived from the State of Texas' Aaa general obligation rating to reflect Camino Real Community Service's role as the sole authority directing state funding for essential state-mandated public mental health and developmental disability services in a nine county area of southern Texas. As the authority in this service area, Camino Real can choose to provide services directly, or can sub-contract to other organizations to provide services. The rating also reflects reliance on general fund appropriations to the state Health and Human Services Commission (HHSC) for debt service payments that are allotted through contractual agreement and a weaker legal structure than is typical of state appropriation debt due to the indirect contractual nature of the payment of those state funds.

RATING OUTLOOK

The stable outlook reflects the outlook of the State of Texas, and our expectation of continued and stable levels of state support for Camino Real Community Services in amounts adequate to cover debt service.

FACTORS THAT COULD LEAD TO AN UPGRADE

- Because the rating is notched off the State of Texas' Aaa rating, the rating is well-placed at its current level

FACTORS THAT COULD LEAD TO A DOWNGRADE

- A downgrade of the state's rating

- A material reduction or delay in state funding, or other events that disrupt the flow of state funds to pay debt service, including bankruptcy of Camino Real Community Services

LEGAL SECURITY

Pursuant to the indenture, Camino Real Community Services has pledged the state provider contract payments it receives from HHSC to bondholders, and assigned those payments directly to the trustee. Payments under the HHSC contract are scheduled to be made on the first working day of each state fiscal quarter, and no more than ten days before the first of the succeeding month the trustee will retain one-half of the next succeeding interest payment and one-quarter of the next succeeding principal payment. Debt service is due October 1 and April 1, sufficient timing to buffer against administrative delays in the state payments. After the quarterly set-asides are made, the HHSC provider contract funds are released to Camino Real Community Services for its program services. Fiscal 2018 contract revenues provide 21 times coverage of maximum annual debt service (MADS). Bondholder security is further buttressed with a cash funded debt service reserve equal to the lesser of 10% of net bond proceeds; 125% of average annual debt service; or 50% of MADS. Through the indenture and a deed of trust, Camino Real Community Services also has granted bondholders a security interest in the financed projects. Camino Real Community Services' gross revenues also are pledged. The HHSC contract expires August 31, 2019, the end of the state's current biennium; given the essential nature of the mandated services provided under the contract, we consider risk of non-renewal to be low.

USE OF PROCEEDS

Proceeds of the bonds will be used to refund two series of outstanding notes for expected savings. The notes were originally issued to construct two crisis residential units and to help renovate administrative offices and to construct several developmental work centers.

PROFILE

The Camino Real Community Mental Health/Mental Retardation Center (dba Camino Real Community Services) is a unit of government, contract agency, and community center of the State of Texas that has been organized and designated through the Texas Health and Safety Code as the local public mental health authority and local intellectual and developmental disability authority in nine counties south and mostly west of San Antonio (Aaa stable). Camino Real's service area is large-10,500 square miles-but with a population of only 219,000.

METHODOLOGY

The principal methodology used in this rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments published in July 2016. Please see the Rating Methodologies 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 credit rating action on the support provider and in relation to each particular credit 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.

Nicholas Samuels
Lead Analyst
State Ratings
Moody's Investors Service, Inc.
7 World Trade Center
250 Greenwich Street
New York 10007
US
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Genevieve Nolan
Additional Contact
State Ratings
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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