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17 Feb 2011
New York, February 17, 2011 -- Moody's Investors Service announced that it has assigned the following
ratings to the Bonds issued by Georgia Environmental Loan Acquisition
Corporation (the "Issuer"):
US $750,000 Serial Bonds 2012 Notes, Assigned Aaa (sf)
US $750,000 Serial Bonds 2013 Notes, Assigned Aaa (sf)
US $755,000 Serial Bonds 2014 Notes, Assigned Aaa (sf)
US $770,000 Serial Bonds 2015 Notes, Assigned Aaa (sf)
US $790,000 Serial Bonds 2016 Notes, Assigned Aaa (sf)
US $810,000 Serial Bonds 2017 Notes, Assigned Aaa (sf)
US $835,000 Serial Bonds 2018 Notes, Assigned Aaa (sf)
US $860,000 Serial Bonds 2019 Notes, Assigned Aaa (sf)
US $895,000 Serial Bonds 2020 Notes, Assigned Aaa (sf)
US $930,000 Serial Bonds 2021 Notes, Assigned Aaa (sf)
US $970,000 Serial Bonds 2022 Notes, Assigned Aaa (sf)
US $1,015,000 Serial Bonds 2023 Notes, Assigned
US $3,345,000 Term Bond 2026 Notes, Assigned
US $6,850,000 Term Bond 2031 Notes, Assigned
US $8,930,000 Term Bond 2036 Notes, Assigned
Moody's rating of the Bonds addresses the ultimate cash receipt
of all required interest and principal payments, as provided by
the Bonds' governing documents, and is based on the expected
loss posed to Bondholders, relative to the promise of receiving
the present value of such payments.
The Issuer is a corporation formed under the Georgia Nonprofit Corporation
Code. The Bonds issued by the Issuer are used in furtherance of
the Issuer's purpose which is to, among other things,
purchase loans from the Georgia Environmental Finance Authority and then
issue bonds backed by those loans.
The Bonds are backed by loans issued to the Cobb County-Marietta
Water Authority. Moody's analyzed the credit quality of the
underlying loans and used the conclusions in its analysis. They
are not secured by a lien on Cobb County-Marietta's revenues,
which have been pledged on a first priority basis to the payment of the
Cobb-County Marietta senior lien revenue bonds. However,
any change in the credit quality of Cobb County-Marietta would
likely effect the credit view on the loans.
Moody's rating of the Bonds is based on the credit quality of the
underlying loans. Moody's also considered the structural
and legal aspects of the transaction in arriving at its rating.
Moody's also analyzed the incoming cash-flows from the loans
and the payments due under the bond documentation to ensure there are
sufficient funds throughout the life of the bonds.
The principal methodology used in this rating was "Moody's Approach
to Rating Repackaged Securities" published in April 2010.
Moody's Investors Service did not receive or take into account a
third party due diligence report on the underlying assets or financial
instruments in this transaction.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service 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 the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
MD - Structured Finance
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's assigns Aaa(sf) rating to $29.225million Bonds issued by GELAC
250 Greenwich Street
New York, NY 10007
No Related Data.
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