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Rating Action:

Moody's upgrades enhanced 99B New York school district intercept rating on 99 districts

17 Jun 2014

Rating actions follow upgrade of the State of New York's GO to Aa1

NOTE: On March 10, 2015, the press release was corrected as follows: Changed the headline to "Moody's upgrades enhanced 99B New York school district intercept rating on 99 districts." In the first sentence of the first paragraph, changed the number of affected school districts to 99 from 93. Removed the second sentence of the first paragraph. Revised release follows.

New York, June 17, 2014 -- Moody's Investors Service has upgraded the enhanced rating on 99 school districts (see below) to Aa3 from A1.

Concurrently we have affirmed the A1 enhanced rating for Tuckahoe Union Free School District (underlying rating of A1) and the A1 enhanced rating on City of Syracuse (underlying rating of A1 negative) general obligation school bonds.

These actions follow the upgrade to Aa1 from Aa2 of the State of New York's GO rating.

SUMMARY RATING RATIONALE

The Aa3 enhanced ratings reflect the additional security provided by the New York State 99-B Post Default Enhancement Program. The program authorizes the state to withhold appropriated aid in order to make bond payments in the event of school district default. The ratings are derived from a bottom-up approach, as outlined by the methodology scorecard, and include an evaluation of satisfactory debt service coverage and the consideration of the "state rating cap" which limits the enhanced rating at two notches below the state of New York's general obligation rating. The enhanced A1 rating on Tuckahoe Union Free School District reflects that the district's debt service coverage levels do not meet the minimum threshold of 1.5 times annual state aid payments. The enhanced A1 rating on City of Syracuse reflects Moody's negative outlook on the rating.

For additional information regarding Moody's recent action regarding the State of New York, please refer to our report dated June 16, 2014.

Strengths:

- State aid intercept

- Strong coverage levels

Challenges:

- State has historically cut state aid

- State aid is subject to appropriation

Please click this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM171974 to access the List of Affected Credit Ratings. This list identifies each affected sale:

Up:

- Upgrade of New York State's rating

Down:

- Declining coverage levels

- Downgrade of New York State's rating

The principal methodology used in this rating was State Aid Intercept Programs and Financings: Pre and Post Default published in July 2013. Please see the Credit Policy 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 rating action on the support provider and in relation to each particular 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.

Tiphany Lee-Allen
Associate Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Weber
Asst Vice President - Analyst
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's upgrades enhanced 99B New York school district intercept rating on 99 districts
No Related Data.
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