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Rating Action:

Moody’s updates its methodology for rating US Local Government General Obligation debt; 294 local government ratings placed under review

19 Dec 2016

New York, December 19, 2016 -- Moody's Investors Service has published an update to its US Local Government General Obligation Debt methodology, which updates the methodology, "US Local Government General Obligation Debt" in January 2014. In conjunction with the revised methodology, Moody's has placed 294 local government ratings under review - 288 for possible upgrade and 6 for possible downgrade, affecting a total of $15.7 billion in debt. We expect to resolve the rating reviews within the next 90 days.

The updated methodology contains an appendix for general obligation limited tax debt. Most of the affected ratings were placed under review for possible upgrade to consider narrowing or eliminating the gap between the issuer's General Obligation Limited Tax rating and its General Obligation Unlimited Tax (GOULT) rating, or implied GOULT rating. A small number of ratings were placed under review for possible downgrade to consider widening the gap between the issuer's General Obligation Limited Tax rating and its GOULT rating or implied GOULT rating.

The updated methodology and rating action follow a Request for Comment published on Sept. 27, 2016 and closed with one formally submitted comment. Our approach since the Request for Comment closed did not change.

Most of the ratings under review are local governments in the states of Washington, Illinois, Michigan, and Oregon. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM193722 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.

The rating methodology publication "US Local Government General Obligation Debt," is available on Moodys.com at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1041877

Methodology

The principal methodology used in this rating was US Local Government General Obligation Debt published in December 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.

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, Sao Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at 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.

Evan Hess
Lead Analyst
Regional PFG Northeast
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US
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Releasing Office:
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No Related Data.
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