Global Credit Research - 25 Jun 2015
|
|
- Willis Bryant
- 5 years ago
- Views:
Transcription
1 Rating Update: Moody's affirms ratings on Metropolitan Washington Airports Authority (DC) Dulles Corridor Enterprise/Dulles Toll Road (DTR) outstanding debt, including TIFIA loan; outlook is stable Global Credit Research - 25 Jun 2015 $1.278 billion in TIFIA; $1.728 billion other outstanding debt rated METROPOLITAN WASHINGTON AIRPORTS AUTHORITY, DC DULLES TOLL ROAD ENTERPRISE Toll Facilities DC NEW YORK, June 25, Moody's Investors Service affirms the ratings on all Metropolitan Washington Airports Authority (MWAA) debt issued for the Dulles Corridor Enterprise and backed by the Dulles Toll Road (DTR), including the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan. We affirm the A2 for the first senior, the Baa1 for the second senior, the Baa2 for the subordinate lien and the Baa2 for the fourth lien TIFIA loan backed by revenues of the DTR operated by MWAA. All liens have a stable outlook. SUMMARY RATING RATIONALE The ratings are affirmed with a stable outlook based on stable toll road operating and financial performance and strong liquidity. We do not expect the added cost of the Dulles corridor Metrorail Project Phase 1 or the 13-month extension for Phase 2 to have a credit impact or require additional debt, given the large amount of available project budget contingency and the ability to re-allocate funds from Phases 1 and 2. The Baa2 for the TIFIA is due to the large amount of debt at this lien; its deep subordination and back-loaded and escalating debt service profile. Credit strengths include a satisfactory rate covenant of 1.20 times and a debt service reserve fund (DSRF) at 10% of principal funded from net annual toll revenues prior to substantial completion of Phase 2. Though the TIFIA may spring to first senior status under a bankruptcy related event (BRE), we believe this to be remote given MWAA has no legal authority to file for bankruptcy. Also, there is no acceleration of debt upon a default and no cross-default between the liens. The Baa1 rating for second senior bonds secured from net revenues of the DTR is based on healthy minimum debt service coverage ratios (DSCRs) under base and stress case scenarios; no expected additional debt and reasonable assumptions about traffic growth in the socioeconomically above average service area in suburban Washington DC. A portion of the outstanding bonds and TIFIA loan provide funding for the MWAA DTR's share of Phase 2 Metrorail project (Silver Line) construction costs. The MWAA DTR has no operational or capital improvement risk for the Metrorail project once completed and operational. Phase 1 of the Metrorail project has had a $76 million cost increase due to safety and design changes approved early this year. MWAA is responsible for $57 million of those additional costs and has the flexibility to roll the costs into Phase 2, which has a sizeable $551 million construction budget contingency. MWAA is now expecting a 13- month extension of the Phase 2 schedule in order to accommodate design changes that enhance safety and reliability, reflecting lessons learned in Phase 1. Under the executed TIFIA loan agreement the authority may issue up to $150 million in additional bonds, but no additional debt is currently expected. The two notch differential for the A2 senior lien rating is based on significantly stronger legal covenants than the subordinate liens and reservation of this lien for toll road only projects. OUTLOOK The stable outlook reflects reasonable assumptions for traffic and revenue growth to support high leverage and achieve forecasted DSCRs despite back-loaded debt as well as the potential for additional cost increases to complete Phase 2. Future credit reviews will focus on the adequacy of toll revenues to maintain targeted DSCRs above 2.0 times for first senior; 1.60 times for second senior and 1.30 times for subordinate lien bonds and above 1.25 times for all debt including the expected fourth lien TIFIA bonds. We also will focus on the MWAA's and DTR's ability to make reserve fund deposits; meet future DTR and Metrorail capital needs; maintain liquidity levels
2 and deliver the Phase 2 Metrorail construction project on schedule and within the current overall budget. WHAT COULD MAKE THE RATING GO UP -First senior lien rating is not likely to be pressured up given the single asset nature and high total leverage -Second and subordinate lien ratings could be pressured up if traffic and toll revenues increase more than forecasted through growth and rate increases and these produce higher DSCRs and financial margins than currently forecasted -Completion of the Phase 2 Metrorail project under the current budget and schedule also would exert positive pressure WHAT COULD MAKE THE RATING GO DOWN -Lower than forecasted traffic that reduces forecasted DSCRs and liquidity -Escalation of construction cost for the Metrorail that would require a significant increase in DTR debt STRENGTHS -DTR is a mature toll commuter toll facility with a 30-year history of traffic and toll revenue that is being leveraged to finance construction of the Metrorail extension project. The road connects affluent residential with major commercial areas (Tyson's Corner) in the Metro Washington, DC MSA -MWAA has independent toll-setting ability, and has demonstrated willingness to do so, raising rates five times in the past five years in support of debt issued for the Metrorail project. Current rates are relatively low for the service area and leave room for future expected rate increases at five-year intervals -Slightly better than forecasted traffic and revenue performance through FY 2014 and lower debt service due to lower interest rate for 2014 bond issues -Forecasted debt service coverage ratios (DSCRs) are expected to remain well above indenture requirements -About 83% electronic toll collections (ETC) in FY 2014 enhances operating efficiency as well as the ability to increase rates -A favorable long-term economic outlook for service area MSA -The three publically rated liens are adequately protected by cash flow and covenants, and debt service is paid ahead of any Metrorail capital or operating outflows. -Strong federal, state and local support with committed funding for the Metrorail project from FTA FFGA as well as highly rated MWAA, Virginia (Aaa), Fairfax County (Aaa) and Loudoun County (Aaa) -Strong management oversight by professional management team, which has managed over $6 billion in capital projects at MWAA, including the completion of Phase 1 -Ten-year concession tail after final debt maturity allows further debt structuring flexibility, if needed CHALLENGES -Actual traffic and revenue through April 2015 is below forecast largely due to severe winter weather in the first three months of 2015 though we note FY 2014 traffic and revenue came in slightly above forecast and met the forecast, respectively -There are no planned toll rate increases until 2019 and then at five-year intervals -Plan of finance for the Metrorail debt relies on toll increases, which may result in higher elasticity and traffic diversion than foreseen, though toll rates will remain significantly lower than the Dulles Greenway which connects to DTR at western end -Plan of finance also relies on continued contributions from funding partners, with $1.082 billion or 19% of total project costs remaining to be received. The second installment of $100 million was receievd from the Commonwealth on June 24, 2015
3 -Higher than currently expected costs for Phase 2 could lead to more debt supported by the DTR or higher or more frequent rate increases than currently forecast, though none are currently expected -Open flow of funds allows transfers to Metrorail project and Virginia Department of Transportation (VDOT), but only after paying all DTR operating needs and all debt service, including all required reserves and reasonable discretionary reserves for all liens is paid. No transfers are expected to be needed RECENT DEVELOPMENTS DTR's 2015 toll revenue through April increased 0.6% compared to the same period in 2014, meanwhile expenses decreased 1.6% and net operating income went up 5% over 2014 numbers Transactions for the toll road were at 97.1% of forecast mostly weather-related closures early in the year, nevertheless are up 1.2% compared to 2014 and forecasted to be up 1.6% this year. DTR's repair and capital budget is strong and on target with HNTB's independent life-cycle capital cost estimates of $44.3 million as of December 31, Capital projects are funded with funds on hand and annual excess toll revenue and no additional bonds are required. Fiscal year 2014 revenues increased 17% for the toll road due to a toll rate increase, the fifth consecutive year of planned toll increases to fund Dulles Metrorail project. Expenditures increased $9 million due to increased snow removal costs, fees paid to the ETC contractor for processing, also an increase in materials and supplies compared to FY Toll transactions dropped 2.2% from 2013, consistent with forecast expectations. ETC now accounts for 83.1% total toll revenue collections, up from 80.7% in The Metrorail project had a cost increase of $76 million in Phase 1 due to detected safety and reliability issues. The authority is correcting these items and incorporating them into Phase 2 as lessons learned. As a result, the schedule for Phase 2 has been extended 13 months. The DTR's allocable share of the increase is $57 million and the funding partners are responsible for making up the remainder. The project construction contingency account of $551 million is expected to cover the overrun and no additional debt is anticipated. However, under the TIFIA agreement, the DTR may issue up to $150 million in additional project debt without TIFIA approval. The toll road received its second $100 million installment of $300 million from Virginia Department of Transportation on June 24, 2015, as scheduled. Phase 1 of the project opened for passenger service on June 26, Final closeout of the Phase 1 Design-Build Contract is anticipated to occur by December 31, In 2011, the toll road was brought to the federal district court to decide whether tolls established by the authority constitute taxes or user fees. In June 2014, a petition was filed for the US Supreme Court to hear another case regarding the governing structure of the authority. In May of this year, the US Solicitor General filed a brief in which the US opposed the petition but it is likely that the Supreme Court will make a decision soon, perhaps before the end of June. All prior lawsuits challenging the authority's use of tolls as taxes have been unsuccessful and no additional challenges are expected. DETAILED RATING RATIONALE REVENUE GENERATING BASE The DTR is mile road completed in 1984 by the Virginia Department of Transportation (VDOT) to provide local access to interchanges between the Capital Beltway (I-495) and Washington Dulles International Airport. The DTR is located in the Dulles Corridor, which also carries the Dulles Airport Access Highway and in its median is the location of the Dulles Corridor Metrorail Project. The DTR has 4-lanes in each direction and provides access to well-established and growing activity centers in the Northern Virginia region, such as Tysons Corner, the Reston- Herndon area, Dulles International Airport and eastern Loudoun County. The DTR has been operating for 30 years. It has one mainline and 19 exit ramp toll collection plazas. With the latest toll increase implemented Jan 1, 2014 rates for a full length trip are about 26 cents per mile. DTR traffic is approximately 75% commuter vehicles on weekdays. Few non-congested free flow alternatives exist and no major significant improvements are currently planned, though untolled Route 7 as well as several parallel roads provide some competition (Interstate-66;US Route 29; US Route 50;State Route 236). FINANCIAL OPERATIONS AND POSITION Prior to 2010 DTR had only one toll increase in 2005 which was a 50% increase of $0.25. Between 2010 and 2014 toll rates increased annually in order to generate revenues to support the Metrorail project debt. Meanwhile, the average annual drop in transactions was 2.4% from Fiscal year 2014 transactions dropped 2.2% versus 2.3% forecasted. Since 2008 DTR's toll revenue has doubled due to rate increases, with a cumulative 11%
4 reduction in transactions. However, transactions are forecasted to increase 1.6% in FY 2015 despite a slow start to the year due to weatherforced road closures. Thus far in 2015, transactions are up 1.2% yet despite the improvements in transactions, revenues are up only 0.6% compared to the forecasted 3.7%. Liquidity In addition to fully funded DSRFs DTR has unrestricted cash and investment of over $211 million, equal to 1,818 days cash on hand and up from $121 million in Its cash and equivalents balances are expected to remain stable in DEBT AND OTHER LIABILITIES DTR has four liens outstanding including, $198 million of first senior bonds; $1,380 million of second senior bonds; $150 million of subordinate debt and $1,278 million of its junior TIFIA loan for a total of $3.006 billion of debt outstanding. In addition, the authority has a $300 million commercial paper (CP) program backed by a reimbursement agreement with JP Morgan with $ million outstanding as of December 31, The CP program is being used as interim financing for the project. Including the program, there is $3.3 billion of outstanding debt. Debt Structure The debt is back loaded. The authority is highly levered. Debt-Related Derivatives None Pensions and OPEB The financial impact of unfunded and OPEB obligations of this issuer are minor and thus not currently a major factor in our assessment of its credit profile. MANAGEMENT AND GOVERNANCE MWAA is a public body politic and corporate, established in 1986 with the consent of the Congress of the United States by legislation adopted by the District of Columbia and the Commonwealth of Virginia. The authority consists of a 17 member Board of Directors with 7 appointed by the Governor of Virginia subject to confirmation by the Virginia General Assembly, 4 are appointed by the Mayor of the District of Columbia subject to confirmation by the Council of the District of Columbia, 3 are appointed by the Governor of Maryland, and 3 are appointed by the President of the United States with the advice and consent of the United States Senate. Members serve staggered six-year terms. KEY STATISTICS -KEY INDICATORS Type of System: Established, Single-asset toll road. DTR is a 13.4 mile toll road located between I-495 and VA Route 28, adjacent to Dulles Airport. The road provides access to well established and rapidly growing activity centers in the Northern Virginia region, such as Tysons Corner, the Reston-Herndon area, Dulles Airport and eastern Loudoun County. -Transactions, FY 2014: 96.5 million -Revenue, FY 2014: $148.7 million -Annual Transaction Growth, : -2.2% -Annual Revenue Growth, : 17% -Forecasted Minimum Debt Service Coverage, First Senior Bonds: 12.35x -Forecasted Minimum Debt Service Coverage, Second Senior Bonds: 1.74x
5 -Forecasted Minimum Debt Service Coverage, Subordinate Bonds and TIFIA: 1.25x Please see our Government Owned Toll Roads Rating Methodology for more information about the limitations inherent to grids. METHODOLOGY SCORECARD FACTORS: -Factor 1 - Asset Type: Baa -Factor 1 - Operating History: Aaa -Factor 1 - Competition: Baa -Factor 1 - Service Area Characteristics: Aaa -Factor 2 - Annual Traffic: A -Factor 2 - Traffic Profile: Aaa -Factor 2 - Five-Year Traffic CAGR: Ba -Factor 2 - Ability and Willingness to Increase Toll Rates: Aa -Factor 3 - Net Revenue DSCR: A -Factor 3- Debt/Operating Revenue: Caa -Factor 4 - Capital Needs: -Factor 4 - Limitations to Growth: Baa -Scorecard Outcome Before Notching: A -Notching Factors Notch for open loop -1.0 Notch for more than 720 Days Cash on Hand -Scorecard Indicated Rating: A2 OBLIGOR PROFILE The VDOT transferred the operation of the toll road to MWAA, which has been the operator of the toll road since October 1, MWAA's purpose in operating the toll road includes financing the construction of the Metrorail in the Corridor using toll road revenue to support the sale of bonds. LEGAL SECURITY The TIFIA loan is secured by a fourth lien on net revenues of the DTR. The first senior lien bonds are secured by a first lien on net system revenues; the second senior lien bonds by a second lien and the subordinate lien by a third lien. The flow of funds is open and excess funds may flow to the Virginia Department of Transportation (VDOT) after all required indenture deposits are made; however, MWAA expects all funds will be retained for the DTR, or the Metrorail Project. Per the funds flow, DTR revenues are deposited to the Revenue Fund and applied in order of priority to the Operating and Maintenance (O&M) Funds (including O&M, Reserve and Emergency Operation and Maintenance Reserve Accounts); Extraordinary Maintenance and Repair Fund and then to pay first senior lien debt service and DSRF deposits; second senior lien debt service and second senior lien DSRF deposits; subordinate lien debt service and subordinate lien DSRF deposits; junior lien bonds (expected to be TIFIA); Arbitrage Rebate Fund; Renewal and Replacement Reserve Fund; Dulles Corridor Enterprise Reserve and Toll Rate Stabilization Fund (DCE Reserve); Capital Improvements Fund; Metrorail Project Fund, Latent Defects Reserve Fund (up to $20 million maximum for defects of Metrorail Project),Transit Operations Fund and finally to the Remaining Toll Road Revenues Fund. After substantial completion of the project a portion of the DCE Reserve may be used to pay current TIFIA interest if net toll revenue is not sufficient and 50% of any remaining amounts in the DCE Reserve must be used to prepay TIFIA with the balance available to the authority.
6 The rate covenant and additional bonds test (ABT) for the liens are: First senior lien bonds: 2.00x Maximum Annual Debt Service (MADS) First and second senior lien bonds: 1.35x Annual Debt Service (ADS) First and second senior lien bonds and subordinate lien bonds: 1.20x ADS All bonds: 1.20x ADS including all other obligations secured by toll road revenues The DSRF requirement is cash funded at the lesser of 10% par; 125% average annual debt service (AADS) or 100% maximum annual debt service (MADS) for first, second senior bonds and subordinate bonds and at 10% of the outstanding balances of the TIFIA loan. TIFIA loan agreement has been authorized under DTR's existing bond indenture through the 10th supplemental indenture. The plan of finance assumes use of the authority's existing $300 million commercial paper program to provide interim project funding to be repaid from draws on the TIFIA loan as needed. USE OF PROCEEDS Not applicable. ISSUER CONTACT: Andrew T. Rountree, Vice President for Finance and Chief Financial Officer, RATING METHODOLOGY The principal methodology used in this rating was Government Owned Toll Roads published in October Please see the Credit Policy page on 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 Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Please see 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 for additional regulatory disclosures for each credit rating. Analysts Maria Matesanz Lead Analyst Public Finance Group Moody's Investors Service Chee Mee Hu MANAGING_DIRECTOR Public Finance Group
7 Moody's Investors Service Kurt Krummenacker Additional Contact Public Finance Group Moody's Investors Service Contacts Journalists: (212) Research Clients: (212) Moody's Investors Service, Inc. 250 Greenwich Street New York, NY USA 2015 Moody s Corporation, Moody s Investors Service, Inc., Moody s Analytics, Inc. and/or their licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES ( MIS ) ARE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY S ( MOODY S PUBLICATIONS ) MAY INCLUDE MOODY S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY S 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. CREDIT RATINGS AND MOODY S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY S 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. MOODY S CREDIT RATINGS AND MOODY S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS FOR RETAIL INVESTORS TO CONSIDER MOODY S CREDIT RATINGS OR MOODY S PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. MOODY'S adopts all necessary measures so that the
8 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 or in preparing the Moody s Publications. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY S. To the extent permitted by law, MOODY S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. 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 rating, agreed to pay to Moody s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at under the heading Investor Relations Corporate Governance Director and Shareholder Affiliation Policy. 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 AFSL and/or Moody s Analytics Australia Pty Ltd ABN AFSL (as applicable). This document is intended to be provided only to wholesale clients within the meaning of section 761G of the Corporations Act 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 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 clients. It would be dangerous for retail clients to make any investment decision based on MOODY S credit rating. If in doubt you should contact your financial or other professional adviser. 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal
9 applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
Rating Action: Moody's assigns A2 to 2016B & C Senior Bonds of Central Florida Expressway Auth. (CFX), FL; Outlook positive
Rating Action: Moody's assigns A2 to 2016B & C Senior Bonds of Central Florida Expressway Auth. (CFX), FL; Outlook positive Global Credit Research - 08 Sep 2016 New York, September 08, 2016 -- Issue: Senior
More informationRating Action: Moody's assigns Aa3 to West Virginia SBA's $44.4M Capital Improvement Ref. Rev. Bonds, Ser Global Credit Research - 08 Sep 2017
Rating Action: Moody's assigns Aa3 to West Virginia SBA's $44.4M Capital Improvement Ref. Rev. Bonds, Ser. 2017 Global Credit Research - 08 Sep 2017 New York, September 08, 2017 -- Issue: Capital Improvement
More informationRating Action: Moody's assigns A1 to San Francisco Airport Commission, CA Series 2018B-G; outlook is stable 01 May 2018
Rating Action: Moody's assigns A1 to San Francisco Airport Commission, CA Series 2018B-G; outlook is stable 01 May 2018 New York, May 01, 2018 -- Moody's Investors Service assigns an A1 to the San Francisco
More informationOECD Workshop on Data Collection
OECD Workshop on Data Collection Moody's Infrastructure-relevant Data Sets ANDREW DAVISON, SENIOR VICE PRESIDENT 10 MAY, 2017 Marginal Default Rate Moody s PF Bank Loan Default and Recovery Study» Moody's
More informationRating Action: Moody's assigns A2 to Wayne County Airport Auth. (MI) Series 2017 E senior lien revenue bonds
Rating Action: Moody's assigns A2 to Wayne County Airport Auth. (MI) Series 2017 E senior lien revenue bonds Global Credit Research - 19 Dec 2017 Outlook stable New York, December 19, 2017 -- Moody's Investors
More informationRating Action: Moody's downgrades South Carolina Public Service Authority revenue bonds; rating outlook negative
Rating Action: Moody's downgrades South Carolina Public Service Authority revenue bonds; rating outlook negative 17 Aug 2018 Approximately $7.4 billion of revenue bonds affected New York, August 17, 2018
More informationRating Action: Moody's upgrades PGW (PA) to A3 from Baa1; Assigns A3 to $278.2 mil Gas Works Rev. Refunding Bds., 15th Series
Rating Action: Moody's upgrades PGW (PA) to A3 from Baa1; Assigns A3 to $278.2 mil Gas Works Rev. Refunding Bds., 15th Series Global Credit Research - 28 Jul 2017 New York, July 28, 2017 -- Issue: Gas
More informationRating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt
Rating Update: Moody's affirms Aa3 on Waukegan Park District, IL's GO debt Global Credit Research - 29 May 2015 Affects $8.5 million of rated debt WAUKEGAN PARK DISTRICT, IL Park/Recreation Districts IL
More informationGlobal Credit Research - 26 Oct Sale Amount $30,000,000. Sale Amount $283,410,973
New Issue: Moody's assigns Baa2 to senior lien series 2015A&B bonds and Baa3 to TIFIA bonds and subordinate lien loans of the Central Texas Regional Mobility Authority (CTRMA); The rating outlook is stable
More informationSpecial Tax: Transportation-Related
New Issue: Moody's assigns Aa3 rating to Connecticut's Special Tax Obligation Bonds Transportation Infrastructure Purposes, 2015 Series A and B; outlook stable Global Credit Research - 24 Sep 2015 Aa3
More informationRating Action: Moody's assigns Aa3 to Trinity Health Credit Group's (MI) Ser bonds; outlook revised to stable
Rating Action: Moody's assigns Aa3 to Trinity Health Credit Group's (MI) Ser. 2017 bonds; outlook revised to stable Global Credit Research - 27 Nov 2017 New York, November 27, 2017 -- Issue: County of
More informationNew Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN
New Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN Global Credit Research - 02 Jun 2015 $159.0M short-term debt affected OAKLAND (CITY OF) CA Cities (including Towns, Villages and Townships)
More informationTown of Easton, MA. Credit Strengths. Manageable long-term liabilities. Credit Challenges. Reliance on reserves to address budget gaps
CREDIT OPINION Town of Easton, MA New Issue - Moody's Assigns Aa3 Rating to Easton, MA's $1.5M GO Bonds and MIG 1 to $10.3M BANs New Issue Summary Rating Rationale Moody's Investors Service has assigned
More informationNew Issue: Moody's assigns Aa2 to Framingham, MA's $43.9M GO bonds, MIG 1 to $4.4M GO BANs
New Issue: Moody's assigns Aa2 to Framingham, MA's $43.9M GO bonds, MIG 1 to $4.4M GO BANs Global Credit Research - 23 Nov 2015 Affirms Aa2 on $153M outstanding GO debt, including current issue FRAMINGHAM
More informationRating Action: Moody's Upgrades the City of Sacramento, CA's Lease Revenue Bonds to A1; Confirms Ser and Ser. 1993A at A2; outlook is stable
Rating Action: Moody's Upgrades the City of Sacramento, CA's Lease Revenue Bonds to A1; Confirms Ser. 1997 and Ser. 1993A at A2; outlook is stable Global Credit Research - 06 Oct 2016 New York, October
More informationRating Action: Moody's assigns A1 to UConn GO bonds supported by State of Connecticut; outlook stable Global Credit Research - 29 Mar 2018
Rating Action: Moody's assigns A1 to UConn GO bonds supported by State of Connecticut; outlook stable Global Credit Research - 29 Mar 2018 New York, March 29, 2018 -- Moody's Investors Service has assigned
More informationState Outlook: Debt Affordability. NCSL Conference Gail Sussman, Managing Director
State Outlook: Debt Affordability NCSL Conference Gail Sussman, Managing Director NOVEMBER 18, 2016 State debt is stable and manageable Debt is flat and debt ratios are declining for US states 600 500
More informationRating Action: Moody's assigns Caa3 Issuer Rating to US Virgin Islands; lowers ratings on four liens of Matching Fund Revenue Bonds
Rating Action: Moody's assigns Caa3 Issuer Rating to US Virgin Islands; lowers ratings on four liens of Matching Fund Revenue Bonds Global Credit Research - 31 Jan 2018 New York, January 31, 2018 -- Moody's
More informationRating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018
Rating Action: Moody's downgrades Lowe's unsecured ratings to Baa1; P-2 commercial paper rating affirmed 12 Dec 2018 New York, December 12, 2018 -- Moody's Investors Service ("Moody's") today downgraded
More informationRating Action: Moody's Assigns A2 to Philadelphia PA Airport Revenue and Refunding Bonds Series 2017A & B; outlook is stable
Rating Action: Moody's Assigns A2 to Philadelphia PA Airport Revenue and Refunding Bonds Series 2017A & B; outlook is stable Global Credit Research - 06 Dec 2017 New York, December 06, 2017 -- Issue: Airport
More informationRating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook
Rating Action: Moody's affirms Aa1 issuer and bond ratings of the International Finance Facility for Immunisation (IFFIm) with a stable outlook Global Credit Research - 17 Jan 2018 New York, January 17,
More informationCi1r of' SACRAMENTO. O ffice of t he City Treasu rer. Russell Fehr~ City Treasurer ADDITIONAL (VOLUNTARY) DISCLOSURE RATING AFFIRMED
Ci1r of' SACRAMENTO O ffice of t he City Treasu rer 915 I Street, HCH 3rd Floor Sacramento CA 95814 Russell Fehr~ City Treasurer Phone 916-808-5168 Fax 916-808-5171 Dated: August 17, 2015 ADDITIONAL (VOLUNTARY)
More informationMassachusetts (Commonwealth of)
CREDIT OPINION Massachusetts (Commonwealth of) New Issue - Moody's assigns Aa2 to Massachusetts' $143M GANs, 2017 Ser. A; outlook stable New Issue Summary Rating Rationale Moody's Investors Service has
More informationNew Issue: Moody's upgrades Edgewater, NJ's GO to Aa2: assigns MIG 1 to $15.4M in BANs
New Issue: Moody's upgrades Edgewater, NJ's GO to Aa2: assigns MIG 1 to $15.4M in BANs Global Credit Research - 08 Jul 2015 Affects $17.5M in rated GO debt, including $11.1M Ser. 2015 GO bonds EDGEWATER
More informationRating Action: Moody's downgrades Coty's CFR to Ba3; outlook stable Global Credit Research - 20 Mar 2018
Rating Action: Moody's downgrades Coty's CFR to Ba3; outlook stable Global Credit Research - 20 Mar 2018 New York, March 20, 2018 -- Moody's Investors Service, ("Moody's") downgraded Coty Inc.'s ("Coty")
More informationRating Action: Moody's downgrades IFS rating of MBIA Insurance Corporation to B3; rating on review for further downgrade
Rating Action: Moody's downgrades IFS rating of MBIA Insurance Corporation to B3; rating on review for further downgrade Global Credit Research - 19 Jan 2016 New York, January 19, 2016 -- Moody's Investors
More informationSnohomish County Public Utility District 1
ISSUER COMMENT Annual Comment on Snohomish County PUD 1 RATING Revenue 1 Aa2 Snohomish County Public Utility District 1 No Outlook Contacts Nathan Carley 312-706-9958 Associate Analyst nathan.carley@moodys.com
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings
Policy for Designating and Assigning Unsolicited Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and relevant Moody's Shared Services Employees supporting the MIS ratings
More informationRating Action: Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology
Rating Action: Moody's announces rating actions on student loan ABS backed by FFELP student loans following the update of its rating methodology Global Credit Research - 14 Jun 2016 Approximately $84.3
More informationRating Action: Moody's affirms Baa1 rating on I-4 Mobility Partners Opco LLC's senior secured and subordinate facilities; outlook revised to negative
Rating Action: Moody's affirms Baa1 rating on I-4 Mobility Partners Opco LLC's senior secured and subordinate facilities; outlook revised to negative 28 Jun 2018 New York, June 28, 2018 -- Moody's Investors
More informationRating Action: Moody's assigns Aa2 UND/Aa3 ENH to Roswell ISD (Chaves County), NM's GOULT bonds, Ser Sep 2018
Rating Action: Moody's assigns Aa2 UND/Aa3 ENH to Roswell ISD (Chaves County), NM's GOULT bonds, Ser. 2018 10 Sep 2018 New York, September 10, 2018 -- Moody's Investors Service has assigned a Aa2 underlying
More informationPolicy for Designating and Assigning Unsolicited Credit Ratings in the European Union
Policy for Designating and Assigning Unsolicited Credit Ratings in the European Union Issued by: MIS Compliance Department Applicable to: All MIS Employee and relevant Moody s Shared Services Employees
More informationNew Issue: Moody's assigns A1 to Ford County USD No. 443's (KS) GOs Series 2015-A and Series 2015-B
New Issue: Moody's assigns A1 to Ford County USD No. 443's (KS) GOs Series 2015-A and Series 2015-B Global Credit Research - 08 Oct 2015 Affirms outstanding ratings; affects debt totaling $100M FORD COUNTY
More informationRoselle Park Borough, NJ
CREDIT OPINION New Issue Roselle Park Borough, NJ New Issue - Moody's Assigns Aa3 to Roselle Park, NJ's $4.9M GO Bonds, Series 2016 Summary Rating Rationale Moody's Investors Service has assigned a Aa3
More informationRating Action: Moody's revises Denver Transit Partners, LLC rating outlook to negative; affirms Baa3 rating Global Credit Research - 03 Apr 2018
Rating Action: Moody's revises Denver Transit Partners, LLC rating outlook to negative; affirms Baa3 rating Global Credit Research - 03 Apr 2018 New York, April 03, 2018 -- Moody's Investors Service, (Moody's)
More informationAgenda. New Mexico School District Bond Ratings 9/8/17
New Mexico School District Bond Ratings Heather Correia, Analyst, Moody s September, 2017 Agenda 1. Introduction to Moody s 2. Methodology & Scorecard 3. New Mexico School Districts 4. Future Credit Landscape
More informationRating Action: Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch Global Credit Research - 17 Aug 2017
Rating Action: Moody's affirms Baa3 senior unsecured debt ratings of ICICI Bank's Bahrain branch Global Credit Research - 17 Aug 2017 Singapore, August 17, 2017 -- Moody's Investors Service has affirmed
More informationRating Action: Moody's affirms Aaa IFS rating of New York Life; stable outlook Global Credit Research - 27 Jul 2017
Rating Action: Moody's affirms Aaa IFS rating of New York Life; stable outlook Global Credit Research - 27 Jul 2017 New York, July 27, 2017 -- Moody's Investors Service has affirmed the Aaa insurance financial
More informationVolusia County School District (FL)
CREDIT OPINION New Issue Volusia County School District (FL) New Issue - Moody's Assigns Aa3 to Volusia Co. School District's (FL) $34.3M Sales Tax Bonds, Series 2016 Summary Rating Rationale Moody's Investors
More informationNew Issue: Moody's assigns Aaa to Bronxville NY's $5.2M GO Bonds
New Issue: Moody's assigns Aaa to Bronxville NY's $5.2M GO Bonds Global Credit Research - 14 Aug 2014 Affirms Aaa affecting $12.2M of GO debt outstanding BRONXVILLE (VILLAGE OF) NY Cities (including Towns,
More informationNew Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN
New Issue: Moody's assigns MIG 1 to Oakland City's (CA) TRAN Global Credit Research - 23 Jun 2014 $55.0M in short-term debt affected OAKLAND (CITY OF) CA Cities (including Towns, Villages and Townships)
More informationMoody s Upgrades Montco s Outlook
NEWS MONTGOMERY COUNTY OFFICE OF COMMUNICATIONS COURT HOUSE, NORRISTOWN, PA., BOX 311, 19404-0311 Frank X. Custer, Communications Director Jessica Willingham, Communications Assistant PHONE (610) 278-3061
More informationGlobal Credit Research - 06 Mar 2018
Rating Action: Moody's upgrades San Francisco's (CA) GOs to Aaa and assigns Aaa to 2018A and 2018B GOs; lease-backed obligations upgraded to Aa1 and Aa2; outlook is stable Global Credit Research - 06 Mar
More informationRating Action: Moody's affirms the Baa2 financial strength rating on VIVAT NV's operating subsidiaries. Outlook remains stable
Rating Action: Moody's affirms the Baa2 financial strength rating on VIVAT NV's operating subsidiaries. Outlook remains stable Global Credit Research - 06 Nov 2017 London, 06 November 2017 -- Moody's Investors
More informationPrince William County, VA
CREDIT OPINION New Issue Prince William County, VA New Issue - Moody's assigns Aaa to VPSA.'s $76.1 M School Financing Bonds; Outlook stable Summary Rating Rationale Moody's Investors Service has assigned
More informationSanger (City of) TX. Credit Strengths. Trend of growing reserve levels. Continued tax base growth. Favorable location 40 miles north of Dallas
CREDIT OPINION Sanger (City of) TX New Issue: Moody's Assigns A1 to City of Sanger's, TX Certificates of Obligation, Series 2017 New Issue Summary Rating Rationale Moody's Investors Service has assigned
More informationCIMIC GROUP UPGRADED TO Baa2, OUTLOOK STABLE, BY MOODY'S INVESTORS SERVICE
4 August 2017 ASX Market Announcements Australian Securities Exchange Limited Level 4 20 Bridge Street SYDNEY NSW 2000 CIMIC GROUP UPGRADED TO Baa2, OUTLOOK STABLE, BY MOODY'S INVESTORS SERVICE Moody's
More informationRating Action: Moody's assigns Counterparty Risk Ratings to three Sri Lankan banks 18 Jun 2018
Rating Action: Moody's assigns Counterparty Risk Ratings to three Sri Lankan banks 18 Jun 2018 Singapore, June 18, 2018 -- Moody's Investors Service has today assigned Counterparty Risk Ratings (CRRs)
More informationRating Action: Moody's affirms B2 IFS rating of MBIA Insurance Corporation; changes outlook to negative Global Credit Research - 03 Mar 2015
Rating Action: Moody's affirms B2 IFS rating of MBIA Insurance Corporation; changes outlook to negative Global Credit Research - 03 Mar 2015 New York, March 03, 2015 -- Moody's Investors Service, ("Moody's")
More informationPark District of La Grange, IL
CREDIT OPINION Park District of La Grange, IL New Issue - Moody's assigns Aa2 to Park District of La Grange s (IL) $1.6M GO Refunding Bonds, Series 2016 New Issue Summary Rating Rationale Moody s Investors
More informationUS Local Government GO Debt Methodology
US Local Government GO Debt Methodology Alexandra Cimmiyotti, Vice President Senior Analyst February 22, 2018 Agenda 1. Outlook for Local Governments 2. Overview of GO Methodology 3. California Local Governments
More informationRating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018
Rating Action: Moody's downgrades Suriname's issuer rating to B2 negative; concluding rating review Global Credit Research - 20 Feb 2018 New York, February 20, 2018 -- Moody's Investors Service ("Moody's")
More informationGeorge W. Kuhn Drainage District (Oakland County), MI
CREDIT OPINION New Issue Contacts Matthew Butler 312-706-9970 AVP-Analyst matthew.butler@moodys.com Henrietta Chang 312-706-9960 VP-Sr Credit Officer henrietta.chang@moodys.com George W. Kuhn Drainage
More informationRating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019
Rating Action: Moody's affirms AIIB's Aaa rating; outlook stable 28 Mar 2019 Singapore, March 28, 2019 -- Moody's Investors Service ("Moody's") has today affirmed the Asian Infrastructure Investment Bank's
More informationCity of Las Cruces, NM
CREDIT OPINION City of Las Cruces, NM New Issue - Moody's Assigns A1 to Las Cruces, NM's $5.5M MGRT Improvement Revenue Bonds, Ser. 2016 New Issue Summary Rating Rationale Moody's Investors Service has
More informationDisruption in Higher Education: What Does It Mean For Credit Ratings
Disruption in Higher Education: What Does It Mean For Credit Ratings Wednesday, January 31, 2018 Susan Fitzgerald, Moody s Jessica Matsumori, S&P Global Ratings Mary Peloquin-Dodd, NC State University
More informationRating Action: Moody's upgrades Blue Racer's senior notes to B2, rates new notes
Rating Action: Moody's upgrades Blue Racer's senior notes to B2, rates new notes 14 Jun 2018 Approximately $300 million of new unsecured notes rated New York, June 14, 2018 -- Moody's Investors Service
More informationTown of Beekman, NY. Credit Strengths. Solid reserve and liquidity levels. Low debt burden with rapid repayment. Credit Challenges
CREDIT OPINION Update Town of Beekman, NY Update - Moody's Affirms Beekman, NY's Aa3 Rating; Removes Negative Outlook Summary Rating Rationale Moody's Investors Service has affirmed the Aa3 rating on the
More informationCredit Opinion: Federal Home Loan Bank of New York
Credit Opinion: Federal Home Loan Bank of New York Global Credit Research - 24 Jun 2015 New York City, New York, United States Ratings Category Moody's Rating Outlook Stable Bank Deposits Aaa/P-1 Parent:
More informationRating Action: Moody's changes the outlook to negative on three Infrastructure Issuers operating in Colombia
Rating Action: Moody's changes the outlook to negative on three Infrastructure Issuers operating in Colombia Global Credit Research - 23 Feb 2018 New York, February 23, 2018 -- Moody's Investors Service,
More informationRating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016
Rating Action: Moody's reviews Depfa ACS Bank's public sector covered bonds for downgrade Global Credit Research - 14 Sep 2016 London, 14 September 2016 -- Moody's Investors Service has today placed on
More informationRating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review
Rating Action: Moody's upgrades several Irish mortgage covered bond ratings; actions conclude review Global Credit Research - 21 May 2015 New counterparty risk assessment affects the covered bond anchors
More informationRating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable
Rating Action: Moody's changes outlook of Central Bank of India and Indian Overseas Bank to positive from stable Global Credit Research - 09 Feb 2018 Singapore, February 09, 2018 -- Moody's Investors Service
More informationMongolian Banking System
Mongolian Banking System Graeme Knowd, Managing Director - Financial Institutions Group Sept 2017 Agenda 1. Executive summary 2. Operating environment 3. Key credit metrics 4. Key takeaways MONGOLIAN BANKING
More informationCredit Opinion: Federal Home Loan Banks
Credit Opinion: Federal Home Loan Banks Global Credit Research - 25 Jun 2015 Reston, Virginia, United States Ratings Category Moody's Rating Outlook Stable Senior Unsecured Aaa ST Issuer Rating P-1 Other
More informationSiauliu Bankas, AB. Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion. ISSUER COMMENT 13 August 2018
ISSUER COMMENT Siauliu Bankas, AB Siauliu Bankas capital metrics will strengthen with EBRD s debt-to-equity conversion Contacts Savina R Joseph +357.2569.3045 Associate Analyst savina.joseph@moodys.com
More informationRating Action: Moody's upgrades the MBIA group; National Public Finance at Baa1 and MBIA Corp. at B3 Global Credit Research - 21 May 2013
Rating Action: Moody's upgrades the MBIA group; National Public Finance at Baa1 and MBIA Corp. at B3 Global Credit Research - 21 May 2013 New York, May 21, 2013 -- Moody's Investors Service has upgraded
More informationNewport News, VA. Summary Rating Rationale. Credit Strengths. Strong financial management. Credit Challenges. Below average demographics
CREDIT OPINION New Issue Newport News, VA New Issue - Moody's assigns Aa1 to Newport News, VA's $61.6M 2017 GO Bonds Summary Rating Rationale Contacts Tiphany Lee-Allen 212-553-4772 AVP-Analyst tiphany.lee-allen@moodys.com
More informationRating Action: Moody's upgrades NORD/LB's Fuerstenberg preference shares to Caa1(hyb) Global Credit Research - 18 Apr 2018
Rating Action: Moody's upgrades NORD/LB's Fuerstenberg preference shares to Caa1(hyb) Global Credit Research - 18 Apr 2018 Frankfurt am Main, April 18, 2018 -- Moody's Investors Service has today upgraded
More informationFor personal use only
3 June 2016 MIRVAC RECEIVES LONG-TERM ISSUER RATING OF BAA1 FROM MOODY S Mirvac Group ("Mirvac") [ASX: MGR] is pleased to announce it has received a Baa1 long-term issuer rating from Moody s Investor Service,
More informationTownship of Nutley, NJ
ISSUER COMMENT Annual Comment on Nutley Township RATING General Obligation (or GO Related)1 Aa2 Township of Nutley, NJ No Outlook Contacts Chris Salcedo Associate Analyst chris.salcedo@moodys.com 212-553-3761
More informationWestport (Town of) CT
CREDIT OPINION New Issue - Moody's Assigns Aaa to Westport, CT's GO Bonds, Issue of 2017; Outlook Stable New Issue Summary Rating Rationale Moody's Investors Service has assigned a Aaa rating to the Town
More informationPrince William County, VA
CREDIT OPINION New Issue Prince William County, VA New Issue - Moody's assigns Aaa to VPSA.'s $158.6M School Financing Bds, Prince William Co.;outlook stable Summary Rating Rationale Contacts Tiphany Lee-Allen
More informationRating Action: Moody's upgrades Dufry's ratings to Ba2 from Ba3; outlook stable Global Credit Research - 15 May 2017
Rating Action: Moody's upgrades Dufry's ratings to Ba2 from Ba3; outlook stable Global Credit Research - 15 May 2017 London, 15 May 2017 -- Moody's Investors Service has today upgraded Dufry AG ("Dufry")
More informationRating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018
Rating Action: Moody's reviews NORD/LB Luxembourg S.A. - Public-Sector Covered Bonds, direction uncertain 19 Dec 2018 London, 19 December 2018 -- Moody's Investors Service ("Moodys") has placed on review
More informationRating Action: Moody's downgrades Coty's CFR to B1; outlook negative 26 Nov 2018
Rating Action: Moody's downgrades Coty's CFR to B1; outlook negative 26 Nov 2018 New York, November 26, 2018 -- Moody's Investors Service ("Moody's") downgraded Coty Inc.'s ("Coty") Corporate Family Rating
More informationRating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017
Rating Action: Moody's upgrades Kommunalkredit Austria AG's public-sector covered bonds Global Credit Research - 25 Jul 2017 London, 25 July 2017 -- Moody's Investors Service has upgraded to Baa1 from
More informationRating Action: Moody's affirms Intrum Justitia's Ba2 corporate family rating; outlook changed to stable Global Credit Research - 19 Apr 2018
Rating Action: Moody's affirms Intrum Justitia's Ba2 corporate family rating; outlook changed to stable Global Credit Research - 19 Apr 2018 London, 19 April 2018 -- Moody's Investors Service (Moody's)
More informationRating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative
Rating Action: Moody's Changes Sparebanken Vest's Rating Outlook to Stable From Negative Global Credit Research - 15 Sep 2016 All the bank's ratings were affirmed, including its A1/P-1 deposit ratings
More informationRating Action: Moody's changes Oglethorpe Power's outlook to negative from stable and affirms existing ratings
Rating Action: Moody's changes Oglethorpe Power's outlook to negative from stable and affirms existing ratings 13 Aug 2018 Approximately $4.2 billion of debt securities affected New York, August 13, 2018
More informationRating Action: Moody's takes rating actions on Irish mortgage covered bonds Global Credit Research - 26 Sep 2016
Rating Action: Moody's takes rating actions on Irish mortgage covered bonds Global Credit Research - 26 Sep 2016 London, 26 September 2016 -- Moody's Investors Service has today placed on review for upgrade
More informationMasconomet Regional School District, MA
ISSUER COMMENT Annual Comment on Masconomet RSD RATING General Obligation (or GO Related) 1 Aa2 Masconomet Regional School District, MA No Outlook Contacts Susanne Siebel 212-553-1809 Associate Analyst
More informationFindlay City School District, OH
ISSUER COMMENT Annual Comment on Findlay City SD RATING General Obligation (or GO Related) 1 Aa2 Findlay City School District, OH No Outlook Contacts Evan W Hess Associate Analyst evan.hess@moodys.com
More informationWILTON (TOWN OF) CT. Update to credit analysis. Credit strengths. » Affluent residential tax base. Credit challenges
CREDIT OPINION WILTON (TOWN OF) CT Update to credit analysis Summary Contacts Thomas Jacobs +1.212.553.0131 Senior Vice President thomas.jacobs@moodys.com Lauren Von Bargen +1.212.553.4491 Analyst lauren.vonbargen@moodys.com
More informationColumbia School District, MO
CREDIT OPINION Columbia School District, MO New Issue - Moody's Assigns Aa1 to Columbia School District's (MO) $10M GO Improvement Bonds, Series 2017 New Issue Summary Rating Rationale Moody's Investors
More informationRating Action: Moody's changes the outlook on FCA Bank's senior debt rating to positive from stable
Rating Action: Moody's changes the outlook on FCA Bank's senior debt rating to positive from stable 06 Jul 2018 Action follows positive outlook on FCA Bank's parent Credit Agricole, long-term deposit rating
More informationRating Action: Moody's upgrades mortgage covered bonds issued by AIB Mortgage Bank and EBS Mortgage Finance Global Credit Research - 29 Nov 2016
Rating Action: Moody's upgrades mortgage covered bonds issued by AIB Mortgage Bank and EBS Mortgage Finance Global Credit Research - 29 Nov 2016 London, 29 November 2016 -- Moody's Investors Service has
More informationDallas County Community College District, TX
CREDIT OPINION New Issue Dallas County Community College District, TX New Issue - Moody's assigns Aaa to Dallas County CCD, TX's $125.8M GO Rfdg Bonds; outlook is stable Summary Rating Rationale Contacts
More informationWeber School District, UT
CREDIT OPINION Weber School District, UT Update to credit analysis Summary Contacts Sam Feldman+1.415.274.1706 Crough Analyst samuel.feldman@moodys.com Leonard Jones +1.212.553.3806 MD-Public Finance leonard.jones@moodys.com
More informationFindlay City School District, OH
ISSUER COMMENT Annual Comment on Findlay City SD RATING General Obligation (or GO Related) 1 Aa2 Findlay City School District, OH No Outlook Contacts Amy Marks +1.312.706.9964 Associate Lead Analyst amy.marks@moodys.com
More informationSomerset Hills School District, NJ
CREDIT OPINION New Issue Somerset Hills School District, NJ New Issue - Moody's assigns Aa1 und/a2 enh to Somerset Hills SD, NJ's $5.8M GO Bonds Summary Rating Rationale Contacts Douglas Goldmacher 212-553-1477
More informationMetropolitan Opera Association, NY
CREDIT OPINION Metropolitan Opera Association, NY Update - Moody's affirms Metropolitan Opera Association Baa1; outlook negative Update Summary Rating Rationale Moody's Investors Service has affirmed the
More informationRating Action: Moody's upgrades Permanent tsb's deposit and senior unsecured ratings; outlook stable Global Credit Research - 08 May 2015
Rating Action: Moody's upgrades Permanent tsb's deposit and senior unsecured ratings; outlook stable Global Credit Research - 08 May 2015 London, 08 May 2015 -- Moody's Investors Service has today upgraded
More informationRockwall County, TX. Summary Rating Rationale. Credit Strengths. Above average socioeconomic indices. Credit Challenge
CREDIT OPINION New Issue Rockwall County, TX New Issue: Moody s Assigns Aa2 to Rockwall County, TX s $15.3M GOULT Road Bonds, Ser. 2016 Summary Rating Rationale Contacts Genevieve Nolan 212-553-3912 VP-Senior
More informationRating Action: Moody's downgrades MBIA Inc. and National Public Finance Guarantee Corp. (IFS to Baa2); MBIA Insurance Corp.
Rating Action: Moody's downgrades MBIA Inc. and National Public Finance Guarantee Corp. (IFS to Baa2); MBIA Insurance Corp. affirmed at Caa1 Global Credit Research - 17 Jan 2018 New York, January 17, 2018
More informationMoody s Muni Bond Rating Criteria & KS Local Government Trends
Moody s Muni Bond Rating Criteria & KS Local Government Trends Denise Rappmund, VP Senior Analyst October 2017 Agenda 1. Introduction to Moody s 2. General Obligation Methodology & Scorecard 3. Municipal
More informationWest Fargo Public School District No. 6, ND
CREDIT OPINION New Issue West Fargo Public School District No. 6, ND New Sale: Moody's assigns Aa3 to West Fargo Public School District No. 6, ND's $45M GOULT Bonds, Ser. Summary Rating Rationale Contacts
More informationRating Action: Moody's assigns A3 issuer rating to Nidec Corporation; outlook stable Global Credit Research - 31 Jan 2018
Rating Action: Moody's assigns A3 issuer rating to Nidec Corporation; outlook stable Global Credit Research - 31 Jan 2018 Tokyo, January 31, 2018 -- Moody's Japan K. K. has assigned an issuer rating of
More informationRating Update: Moody's maintains A3 on San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC)
Rating Update: Moody's maintains A3 on San Francisco Airport Commission 1997 Special Facilities Lease Revenue Bonds (SFO FUEL COMPANY, LLC) Global Credit Research - 28 Mar 2014 Approximately $82.6million
More informationBothell (City of) WA
CREDIT OPINION Bothell (City of) WA Update to credit analysis of Bothell (City of), Washington Summary Contacts Steven Goodman+1.415.274.1723 Leibof Associate Lead Analyst steven.goodman-leibof@moodys.com
More information