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Rating Action:

Moody's assigns Aaa to Marin CCD, CA's 2021 General Obligation Refunding Bonds; outlook stable

29 Jan 2021

New York, January 29, 2021 -- Moody's Investors Service has assigned a Aaa rating to Marin Community College District, CA's 2021 General Obligation Refunding Bonds (Federally Taxable). The refunding bonds will be issued in the approximate amount of $127.8 million. Moody's maintains Aaa ratings on the district's close to $439.8 million in outstanding general obligation (GO) debt. The outlook is stable.

RATINGS RATIONALE

The Aaa rating is driven by the district's exceptionally large and wealthy Marin County (Aaa stable) tax base that will continue to grow and benefits from a particularly strong local economy and resident wealth metrics. The strength of the tax base has maintained the district's deep and long-standing entrenchment into community funded status, which insulates the district from declines or deferrals of state funding. The rating also reflects the district's fiscal position, which includes a stable general fund reserve position broadened by additional monies held outside the general fund. The rating also accounts for the strength of the unlimited tax pledge, secured by ad valorem property taxes for debt service that are levied, collected, and disbursed by the county, outside the district's operations.

We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. The coronavirus crisis is not a key driver for this rating action. We do not see any material immediate credit risks for Marin CCD, given the district's property tax based revenue stream and independence from the state funding formula. However, the situation surrounding coronavirus is rapidly evolving and the longer-term impact will depend on both the severity and duration of the crisis.

RATING OUTLOOK

The stable outlook anticipates that the district's credit profile will remain stable inclusive of an exceptionally large and wealthy tax base and satisfactory financial performance with consistent reserves and liquidity.

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING

- Loss of community funded status

- Significant and sustained deterioration of the tax base

- Material weakening of resident wealth

- Significant decline of cash and reserves

LEGAL SECURITY

The general obligation offering is secured by an unlimited property tax pledge of all taxable property within the district boundaries. Debt service on the rated debt is secured by the district's voter-approved unlimited property tax pledge. The county rather than the district will levy, collect, and disburse the district's property taxes, including the portion constitutionally restricted to pay debt service on general obligation bonds.

USE OF PROCEEDS

Proceeds from the bonds will be used to refund portions of the district's Election of 2004 General Obligation Bonds, Series D, 2012 General Obligation Refunding Bonds, the 2015 General Obligation Refunding Bonds and the 2016 General Obligation Refunding Bonds.

PROFILE

The district is largely coterminous with, but does not encompass all of Marin County. The district currently maintains one comprehensive community college, College of Marin, with campuses in Kentfield and Novato. The district has been a basic aid district since fiscal 2002-03. In fiscal 2021, the district will serve 3,017 full time equivalent students.

METHODOLOGY

The principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260094. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website 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.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, 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 issued the credit rating is available on www.moodys.com.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available 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.

Helen Cregger
Lead Analyst
Regional PFG West
Moody's Investors Service, Inc.
405 Howard Street
Suite 300
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US
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Alexandra Cimmiyotti
Additional Contact
Regional PFG West
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
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JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​
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