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Related Issuers
Rating Action:

Moody's downgrades Platte County, MO's Issuer rating to Ba3, NID Bonds to B2, and Lease Appropriation to Caa1; outlook negative

06 Dec 2018

New York, December 06, 2018 -- Moody's Investors Service has downgraded Platte County, MO's Issuer rating to Ba3 from Ba1, the rating on the county's Neighborhood Improvement District bonds (NID Bonds; Series 2008A, 2010, 2011, 2013, and 2016) to B2 from Ba1, and lease appropriation rating on the Special Obligation Refunding and Improvement Building Bonds (Series 2011A) to Caa1 from B1. The outlook remains negative.

RATINGS RATIONALE

The downgrade of the Issuer rating to Ba3 reflects the county's failure to transfer funds appropriated to fulfill what Moody's believes to be a contractual obligation, subject to annual appropriation by the county, to make payments sufficient to pay principal and interest on the Industrial Development Authority of the County of Platte County, Missouri Transportation Refunding and Improvement Revenue Bonds (Zona Rosa Retail Project), Series 2007 (unrated) and the resulting bond default. The county is also challenging the legality of its obligation by filing a Petition for Declaratory Relief to clarify if the county's obligation is fulfilled by simply appropriating for the Zona Rosa bonds or if said appropriation also obligates the county to actually provide for revenue shortfalls on the Zona Rosa bonds. The county's lack of willingness to pay an obligation in the capital markets calls into question its willingness to pay other obligations. There has been no change in the underlying credit characteristics which, absent the county's current position regarding the IDA bonds, would correspond to a much higher rating.

The downgrade of the county's Neighborhood Improvement District bond ratings (Series 2008A, 2010, 2011, 2013, and 2016) to B2 and the two notch distinction from the Issuer rating reflects the more narrow pledge of the bonds. The debt is secured by special assessments levied upon the property benefiting from the improvement, and, if not so paid, from the current income and revenues and surplus funds of the county. However, the county is prohibited from imposing or increasing ad valorem property taxes to satisfy debt service requirements without voter approval as required by the constitution and laws of the State of Missouri; voter approval has not been sought, nor does the county expect to obtain voter approval. While the county made a full faith and credit pledge, there are the structural similarities between the NID bonds, the IDA bonds, and the argument made in the county's Petition for Declaratory Relief filed in November 2018. As such, the risk that the county would not actually utilize current income and revenues and surplus funds to satisfy debt service on the NID bonds should the special assessments prove insufficient is elevated given the county's current position regarding the IDA bonds.

The downgrade of the county's lease appropriation rating on the Special Obligation Refunding and Improvement Building Bonds (Series 2011A) to Caa1 reflects the standard two notch distinction from the county's Issuer Rating given appropriation risk and the less essential nature of the project (community centers) and an additional two-notch distinction reflecting the county's lack of willingness to fulfill a contractual obligation on another appropriation lease obligation.

RATING OUTLOOK

The negative outlook reflects the uncertainty surrounding future payments and the disposition of litigation filed to absolve the county of its obligation to appropriate and transfer certain moneys to the trustee for application to the payment of the bonds.

FACTORS THAT COULD LEAD TO AN UPGRADE

- County's explicit pledge and trend of fulfilling obligations

FACTORS THAT COULD LEAD TO A DOWNGRADE

- Failure to appropriate and pay debt service on other obligations beyond the Zona Rosa debt

- Decline in fundamental ability to pay

LEGAL SECURITY

The Issuer rating satisfies our methodological requirement to utilize an implicit (GOULT) rating as the starting point for our analysis of GOLT and Lease Appropriation debt. The NID debt is payable as to both principal and interest from special assessments against real property benefited by the acquisition and construction of improvements paid for from the proceeds of the Bonds within a certain neighborhood improvement district in Platte County, Missouri, and, if not so paid, from current income and revenues and surplus funds of the county. The full faith and credit of the county are irrevocably pledged for payment of principal of and interest on the debt; however, the county may not impose any new or increased ad valorem property tax to pay principal of or interest on the Bonds without the voter approval required by the constitution and laws of the State of Missouri. No such voter approval has been sought or obtained.

The Special Obligation Refunding and Improvement Building Bonds (Series 2011A) lease appropriation debt is payable solely from amount pledged or appropriated by the county each fiscal year. The county did not pledge its full faith and credit and is not obligated to levy taxes or resort to any other monies of the county to pay the principal and interest on the debt.

The Industrial Development Authority (Zona Rosa Retail Project), Series 2007 bonds are not rated by Moody's and are payable solely from pledged revenues. The authority, Platte County South Transportation Development Districts I and II, and Platte County entered into a financing agreement whereby the county agreed, subject to annual appropriation, to transfer funds to the Trustee in an amount sufficient for the payment of the bonds.

PROFILE

The county is located on the western border of Missouri (Aaa stable) and is one of thirteen counties in the Kansas City, Missouri-Kansas metropolitan area. The Missouri River is on the county's western and southern borders. The county comprises 421 square miles and as of 2016, the estimated population of was 94,970.

METHODOLOGY

The principal methodology used in the general obligation ratings was US Local Government General Obligation Debt published in December 2016. The principal methodology used in the lease rating was Lease, Appropriation, Moral Obligation and Comparable Debt of US State and Local Governments published in July 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

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.

Kenneth Surgenor
Lead Analyst
Regional PFG Dallas
Moody's Investors Service, Inc.
Plaza Of The Americas
600 North Pearl St. Suite 2165
Dallas 75201
US
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Roger Brown
Additional Contact
Regional PFG Dallas
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
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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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CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

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 JPY100,000 to approximately JPY550,000,000.

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

​
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