Moody s Adopts State and Local Pension Adjustments
|
|
- Silvester Shaw
- 6 years ago
- Views:
Transcription
1 Moody s Adopts State and Local Pension Adjustments New England States GFOA Manchester Village, VT Marcia Van Wagner Vice President Senior Analyst, US Public Finance
2 Pensions are a growing source of credit pressure» Liabilities and costs continue to grow across the public sector Reasons include demographic trends, imprudent benefit increases, contribution shortfalls, and lost decade in the stock market On reported actuarial basis, unfunded liabilities in 2011 were $800 billion, more than doubling since 2005 Negative credit impact is compounded by recent years slow recovery of tax revenues Credit rating downgrades of several states and locals attributable mainly or partly to pension pressures 2
3 Liabilities have risen sharply while revenues stalled While unfunded pension liabilities more than doubled from 2005 to 2011, tax revenues experienced their sharpest downturn in many decades and only a weak/moderate subsequent recovery» 2012 state tax revenues ($800bn) up nominal 3.2% from peak in 2008» 2012 local tax revenues ($592bn) up nominal 2.6% from peak in 2009» Calendar 2013 will be the first full year that state revenues exceed prerecession levels on an inflation-adjusted basis, according to NASBO and the Rockefeller Institute. Data on calendar year basis from US Census Bureau, and includes tax rate increases 3
4 Increase in pension liability relative to revenue is a negative credit factor» accrued unfunded pension liabilities are similar in nature to debt» amounts are significantly larger than bonded debt in many jurisdictions» complex and difficult to manage, especially at the local level» continue to grow if not prudently funded and amortized» can become a heavy burden on operating budgets and drain liquidity» may be on legal parity with GO debt in some jurisdictions 4
5 Pensions are one of many rating factors» Pensions are just one of many factors in a government credit rating For example, 10% weighting in our state and local government rating scorecards» For majority of governments, pension obligations remain manageable in context of revenues, resources, and budget-cutting powers Most have taken needed actions to accommodate increased pension costs and balance budgets Reforms are lowering employer normal costs, and in some cases reducing accrued liabilities But, more rating actions possible where pension pressures continue to rise 5
6 Moody s adjustments to state & local reported pension data» Adopted in April 2013, following Request for Comment in July 2012» Published data for states in July 2013» Data for largest locals forthcoming» Purpose of adjustments is to provide greater transparency & comparability of liability measures for use in our rating analysis» Provide a balance sheet measure, similar to that in private sector» Not intended as a guide, standard or requirement for state or local governments to report or fund their obligations 6
7 Four principal adjustments to as-reported pension data» Allocate liabilities of cost-sharing plans to participating government employers based on their proportionate shares of total plan contributions» Discount accrued actuarial liabilities (AAL) using a high-grade (Aa quality) corporate bond index rate as of the date of valuation» Use fair or market value of assets (MVA) instead of smoothed asset value to calculate Moody s adjusted net pension liability (adjusted AAL minus MVA) Although we are using AVA for local governments until MVA is disclosed» Calculate a standardized annual amortization metric related to the adjusted net pension liability, on a 20-year level dollar basis 7
8 Why are we making these adjustments?» To improve the transparency and comparability of pension information across state and local governments for use in our credit analysis of public sector entities» To create a balance sheet liability concept that is similar to that used in the private and not-for-profit sectors and comparable to measures of debt as of a specific point in time» To address the fact that government accounting guidelines allow for significant differences in key financial assumptions that can make statistical comparisons in the sector very challenging Our adjustments are not intended as a guide, standard or requirement for state or local governments to report or fund their obligations 8
9 Bond index discount rate provides a balance sheet measure» Our approach is similar to private sector standard set by FASB» Discounts the promised benefit payments using current market interest rate Treats pension benefits as bond-like obligations Liabilities are measured independently of asset mix or performance Liabilities of identical pension plans (government, hospital, or manufacturer) measured on the same day should be identical» Contrasts with public sector approach focused on funding Discounts using assumed investment rate of return based on asset mix Estimates the PV of employer contributions, if assumptions are met Market risk in this approach increases as the return assumption increases 9
10 Disclosure improvements may allow future refinements» Some adjustments will serve in an interim capacity until new GASB 68 guidelines are implemented.» Relevant additional reporting items include: Government shares of cost-sharing plan liabilities Sensitivity of liabilities to 1 percentage point change in discount rate (i.e. plan-specific estimate of liability duration) Components of pension expense (such as normal cost) 10
11 2011 ANPL for New England States State Reported UAAL ANPL Rank ANPL/Revs Rank Connecticut 20,069,660 41,587, % 2 Maine 2,688,100 5,656, % 14 Massachusetts 16,752,915 44,732, % 9 New Hampshire 4,273,547 2,748, % 21 Rhode Island 4,094,109 5,273, % 12 Vermont 1,191,646 2,436, % 24 Median 8,322, % Average 18,880, % Excludes some small pension plans 11
12 Ratings implications of pension adjustments» No state ratings were downgraded because of the changed methodology» This is primarily because we had already taken rating actions for the states with the greatest pension pressures: Illinois, Connecticut, Kentucky, New Jersey, Hawaii (and Puerto Rico)» Rhode Island has a negative outlook largely because of the unresolved nature of its pension reform» We put 29 local governments on review for downgrade. Of those, we have downgraded ratings for 18, including Chicago, Cincinnati, Minneapolis, Portland, OR and Santa Fe, NM. We have also downgraded a number of Chicago-area credits that were not on the review list, including Cook County and Chicago Public Schools Most of the downgrades were in the Midwest. None in New England!» Additional downgrades could result from our proposed local government GO rating methodology, which increases the weighting on pensions and debt 12
13 APPENDIX 13
14 Proposed and final adjustments to pension data 14
15 Sample discount rate adjustment $billions Reported AAL $50 Assumed investment rate of return Citibank Pension Liability Index AAL projected forward 13 years at 8.00% 8.00% 5.47% $136 Discounted at 5.47% $68 15
16 Adjusted pension liabilities for the 50 states and rated local governments FY 2011 ($billions) 50 States Rated Local Governments Reported AAL 1,427 1,577 Reported AVA 1,019 1,203 Median discount rate 8.00% 7.50% Market value of assets 873 n/a* Moody s adjusted pension liability Moody s adjusted net pension liability Median discount rate for Moody s adjustments 1,817 2, % 5.54% ANPL as % of US GDP 6.35% 6.22% *Note: For local governments, the introduction of MVA rather than AVA is dependent on more consistent reporting of MVA in accord with the new GASB standards. 16
17 State rating methodology scorecard debt and pension metrics» Distinct metrics and breakpoints reflect our analytical view that pensions are debt-like but not the same as bonded debt Sub-Factor Measurement Aaa Aa1 Aa2 Aa3 A Baa and below Debt (10% weight) Net Tax Supported Debt/ Total Governmental Fund Revenues Less than 15% 15%-30% 30%-50% 50%-90% 90%- 130% Greater than 130% Pension (10% weight) 3 Year Average Adjusted Net Pension Liability/ Total Governmental Fund Revenues Less than 25% 25%-40% 40%-80% 80%- 120% 120%- 180% Greater than 180% 17
18 Local government rating methodology scorecard debt and pension metrics DEBT/PENSIONS (20%) Very Strong Strong Moderate Weak Poor Very Poor Aaa Aa A Baa Ba B & Below Weight Net Direct Debt / Full Value < 0.75% 0.75% n < 1.75% 1.75% n < 4.00% 4.00% n < 10.00% 10.00% n < 15.00% > 15.00% 5% Net Direct Debt / Operating Revenues 3-Year Average of Moody's Adjusted Net Pension Liability / Full Value 3-Year Average of Moody's Adjusted Net Pension Liability / Operating Revenues < 0.33x 0.33x n < 0.67x 0.67x n < 3.00x 3.00x n < 5.00x 5.00x n < 7.00x > 7.00x 5% < 1.13% 1.13% n < 2.63% 2.63% n < 6.00% 6.00% n < 15.00% 15.00% n < 22.50% > 22.50% 5% < 0.50x 0.50x n < 1.00x 1.00x n < 4.50x 4.50x n < 7.50x 7.50x n < 10.50x > 10.50x 5% Utilize Moody s adjusted net pension liability metrics Three-year average is used to smooth the volatility inherent in the metric Debt breakpoints more restrictive than pensions reflecting the fixed nature of debt obligations; pension measures are estimates, may be volatile across years and can be renegotiated and reduced 18 18
19 Contact: Marcia Van Wagner
20 2013 Moody s Investors Service, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ( MIS ) AND ITS AFFILIATES 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. 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 MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. 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 WRITTENCONSENT. 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 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. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling. 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. MIS, 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 MIS have, prior to assignment of any rating, agreed to pay to MIS 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 Shareholder Relations Corporate Governance Director and Shareholder Affiliation Policy. Any publication into Australia of this document is by MOODY S affiliate, Moody s Investors Service Pty Limited ABN , which holds Australian Financial Services License no 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 Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody s Japan K.K. ( MJKK ) are MJKK s current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, MIS in the foregoing statements shall be deemed to be replaced with MJKK. 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. This 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. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser. 20
Global Credit Research - 24 Feb 2012 ASSIGNS A2 RATING TO $24.6 MILLION G.O. BONDS, 2012 SERIES A & B
Rating Action: MOODY'S DOWNGRADES THE CITY OF CRANSTON'S (RI) G.O. RATING TO A2 FROM A1 AND COPS RATING TO A3 FROM A2; SERIES 2011A RIHEBC UNDERLYING RATING DOWNGRADED TO Aa3 FROM Aa2; OUTLOOK REMAINS
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 informationISSUER COMMENT 02 DECEMBER 2014
ISSUER COMMENT RATINGS New Jersey General Obligation A1, negative ANALYST CONTACTS Ted Hampton VP-Sr Credit Officer ted.hampton@moodys.com 212-553-2741 Thomas Aaron 312-706-9967 AVP-Analyst thomas.aaron@moodys.com
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 informationPension Risks Growing for US State and Local Governments
Pension Risks Growing for US State and Local Governments Southern Municipal Finance Society September 2016 Tom Aaron, Vice President - Senior Analyst Budgetary risk from size, volatility of pension plans»
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 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 Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A
New Issue: Moody's assigns Aaa rating to the Village of Glenview's (IL) $18.6 million General Obligation Refunding Bonds, Series 2012A Global Credit Research - 21 May 2012 Aaa rating applies to $128.2
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 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 informationButler (Village of), WI
CREDIT OPINION Butler (Village of), WI Update to credit analysis Summary Contacts Natalie Claes +1.312.706.9973 Associate Lead Analyst natalie.claes@moodys.com Butler, WI's (A1) credit profile is supported
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 informationAnnouncement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012
Announcement: Moody's Disclosures on Credit Ratings of Barbados, Government of Global Credit Research - 26 Mar 2012 New York, March 26, 2012 -- The following release represents Moody's Investors Service's
More informationAnnouncement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds
Announcement: Moody's confirms Aaa ratings assigned to Erste Group Bank mortgage and public-sector covered bonds Global Credit Research - 24 Jul 2012 Frankfurt am Main, July 24, 2012 -- Moody's Investors
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 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 informationRegional Economic Outlook
Regional Economic Outlook Dan White, Director September, 2017 U.S. Macroeconomic Outlook, August, 2017 1 Remarkably Steady Growth 5 4 3 2 1 0-1 -2-3 -4 Real GDP growth, %, 4-qtr MA (L) Avg monthly change
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 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 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 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 informationTownship of Tredyffrin, PA
Township of Tredyffrin, PA ISSUER COMMENT Annual Comment on Tredyffrin Township RATING General Obligation (or GO Related) 1 Aaa Stable Contacts Catherine E Nicolosi +1.214.979.6861 Associate Lead Analyst
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 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 informationU.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia
U.S. Municipal Market The View From the Markets Presentation to the Federal Reserve Banks of Chicago, New York and Philadelphia GAIL SUSSMAN, MANAGING DIRECTOR, US PUBLIC FINANCE June 24, 2011 Unprecedented
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 informationA1 underlying rating affects $10.97 million in outstanding parity debt, inclusive of the current sale UNDERLYING RATING
New Issue: Moody's assigns A1 underlying and Aaa enhanced rating to Bonham Independent School District's (TX) $7 million Unlimited Tax School Building Bonds, Series 2012 Global Credit Research - 10 Jul
More informationAg Lending Experience of Living Through the Cycles
Ag Lending Experience of Living Through the Cycles Doug Johnson, Director, Sales April 26, 2018 2018 Ag Lending Experiences of Living Through the Cycles As the farming industry continues to consolidate,
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 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 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 informationPort Jefferson Union Free School District, NY
ISSUER COMMENT RATING General Obligation (or GO Related) 1 Aa2 Port Jefferson Union Free School District, NY Annual Comment on Port Jefferson UFSD No Outlook Issuer Profile Contacts Catherine E Nicolosi
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 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 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 informationCity of Tega Cay, SC. Annual Comment on Tega Cay RATING. ISSUER COMMENT 23 March 2018
ISSUER COMMENT Annual Comment on Tega Cay RATING General Obligation (or GO Related) 1 Aa3 City of Tega Cay, SC No Outlook Contacts Nikki S Carroll +1.212.553.1742 Associate Analyst nikki.carroll@moodys.com
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 informationCarroll (County of) MD
CREDIT OPINION Carroll (County of) MD Update following upgrade to Aaa Summary Nisha Rajan Analyst nisha.rajan@moodys.com +1.212.553.1978 Lauren Von Bargen +1.212.553.4491 AVP-Analyst lauren.vonbargen@moodys.com
More informationCITYSPRING INFRASTRUCTURE TRUST. Credit Rating of Basslink Bonds
CITYSPRING INFRASTRUCTURE TRUST (Business Trust Registration No. 2007001) managed by CITYSPRING INFRASTRUCTURE MANAGEMENT PTE. LTD. as Trustee-Manager of CitySpring Infrastructure Trust (incorporated in
More informationAnnouncement: Moody's places GDF SUEZ's A1 ratings on review for downgrade
Announcement: Moody's places GDF SUEZ's A1 ratings on review for downgrade Global Credit Research - 03 Apr 2012 Approximately EUR19 billion rated debt securities affected London, 03 April 2012 -- 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 informationAnnouncement: Moody's reviews five J-REITs ratings for downgrade
Announcement: Moody's reviews five J-REITs ratings for downgrade Global Credit Research - 20 Dec 2011 Tokyo, December 20, 2011 -- Moody's Japan K.K. has placed the ratings of five J-REITs on review for
More informationEdison (Township of) NJ
CREDIT OPINION Edison (Township of) NJ Update to credit opinion Summary The Township of Edison, New Jersey is a near suburb of New York City (Aa2 stable). The township boasts moderately above-average resident
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 informationEvanston (City of), IL
CREDIT OPINION Evanston (City of), IL Moody's Downgrades Evanston's GO to Aa2; Assigns to 2016 Bonds New Issue Summary Rating Rationale Moody's Investors Service has downgraded the City of Evanston's (IL)
More informationRating Action: Moody's assigns definitive Aa2 rating to BAWAG P.S.K. Mortgage Covered Bonds
Rating Action: Moody's assigns definitive Aa2 rating to BAWAG P.S.K. Mortgage Covered Bonds Global Credit Research - 28 Feb 2012 Frankfurt am Main, February 28, 2012 -- Moody's Investors Service has today
More informationCity of Oak Creek, WI
CREDIT OPINION City of Oak Creek, WI New Sale: Moody s Assigns Aa2 to City of Oak Creek, WI's GO Bonds, Ser. 2016C and D New Issue Summary Rating Rationale Moody's Investors Service has assigned a Aa2
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 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 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 informationPolicy on Conflict of Interest Certification
COMPLIANCE Policy on Conflict of Interest Certification Issued by: MIS Compliance Department Applicable to: All MIS Employees Effective Date: June 8, 2015 POLICY An MIS Employee shall not approve, participate
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 informationMuskoka, District Municipality of Bracebridge, Ontario, Canada
DECEMBER 15, 2011 CREDIT ANALYSIS Bracebridge, Ontario, Canada Table of Contents: RATINGS 1 SUMMARY RATING RATIONALE 1 RATING OUTLOOK 1 WHAT COULD CHANGE THE RATING - UP 1 WHAT COULD CHANGE THE RATING
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 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 informationNew Issue: Moody's assigns MIG 1 rating to Topeka's (KS) $25M GO Temp Notes, Ser A; Aa3 to $9.8M GO Ser B and $5.0M GO Ser.
New Issue: Moody's assigns MIG 1 rating to Topeka's (KS) $25M GO Temp Notes, Ser. 2013-A; Aa3 to $9.8M GO Ser. 2013-B and $5.0M GO Ser. 2013-C Global Credit Research - 03 Sep 2013 Aa3 applies to $173.5
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 informationLubbock (City of), TX
CREDIT OPINION New Issue Lubbock (City of), TX New Issue - Moody's assigns Aa2 to Lubbock, TX's Ser. 2016 GOLTs; outlook is stable Summary Rating Rationale Contacts Nathan Phelps 214-979-6853 Analyst nathan.phelps@moodys.com
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 informationRating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities
Rating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities Global Credit Research - 20 Nov 2012 Actions follow sovereign downgrade
More informationCity of Oakland, CA. Update to Credit Analysis. CREDIT OPINION 19 April Summary
CREDIT OPINION City of Oakland, CA Update to Credit Analysis Summary Contacts Alexandra J. +1.415.274.1754 Cimmiyotti VP-Senior Analyst alexandra.cimmiyotti@moodys.com Eric Hoffmann +1.415.274.1702 Senior
More informationCity of Isle of Palms, SC
ISSUER COMMENT Annual Comment on Isle of Palms RATING General Obligation (or GO Related) 1 Aa1 No Outlook Contacts Gregory W. Lipitz VP-Sr Credit Officer/ Manager gregory.lipitz@moodys.com City of Isle
More informationMoody s Revised Rating Methodology: US Local Government General Obligation Debt
Moody s Revised Rating Methodology: US Local Government General Obligation Debt US Public Finance April 2014 Agenda Summary of Developments Local Government General Obligation Sector Overview GO Scorecard
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 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 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 informationPolicy for Record Retention for Rating Services
Policy for Record Retention for Rating Services Issued by: Compliance Department Applicable to: All MIS Employees and relevant Moody s Shared Services Employees Effective Date: April 3, 2017 STATEMENT
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 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 informationPolicy on the "SEC Rule 17g-7 of Representation and Warranties" (R&Ws)
Policy on the "SEC Rule 17g-7 of Representation and Warranties" (R&Ws) Issued by: Compliance Department Applicable to: All MIS Employees and relevant Moody's Shared Services Employees supporting the MIS
More informationIntroducing The Deterioration Probability Metric. A New Metric for Downgrade Risk
Introducing The Deterioration Probability Metric A New Metric for Downgrade Risk Credit Risk Analytics Group May 2018 Agenda 1. Introducing the Deterioration Probability 2. Deterioration Probability Model
More informationAmerican Samoa (Territory of)
CREDIT OPINION American Samoa (Territory of) Update to credit analysis following affirmation of 3 Summary Contacts Kenneth Kurtz +1.415.274.1737 Senior Vice President kenneth.kurtz@moodys.com Nicholas
More informationMontgomery County, TX
CREDIT OPINION Montgomery County, TX New Issue - Moody's assigns Aa1 to Montgomery County's, TX GO Bonds, Series 2016; Outlook is Stable New Issue Summary Rating Rationale Contacts John Nichols AVP - Analyst
More informationHuffman Independent School District, TX
CREDIT OPINION Huffman Independent School District, TX New Issue - Moody's Assigns A1 Underlying/Aaa Enhanced to Huffman ISD, TX's GOULT Bonds New Issue Summary Rating Rationale Moody's Investors Service
More informationNew Issue: Moody's assigns A1 to Grays Harbor County Public Utility District 1 (WA) electric revenue bonds
New Issue: Moody's assigns A1 to Grays Harbor County Public Utility District 1 (WA) electric revenue bonds Global Credit Research - 28 Oct 2013 Approximately $136 million of debt affected GRAYS HARBOR
More informationMoody s Methodologies & Florida Update
Moody s Methodologies & Florida Update 1 Agenda Lease Methodology Special Tax Methodology Florida Economic Outlook 2 Moody s New Lease Methodology Published July 26, 2016 469 Ratings Put on Review No Florida
More informationNew Issue: Moody's assigns Aa3 ratings to State of Connecticut G.O. Bonds; outlook is stable
New Issue: Moody's assigns Aa3 ratings to State of Connecticut G.O. Bonds; outlook is stable Global Credit Research - 04 Mar 2014 CONNECTICUT (STATE OF) State Governments (including Puerto Rico and US
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 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 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 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 informationMontgomery County, TX
CREDIT OPINION Montgomery County, TX New Issue - Moody's Upgrades to Aaa Montgomery County's TX GOULT and GOLT; Outlook Is Stable New Issue Summary Rating Rationale Moody's Investors Service has upgraded
More informationMultilateral Development Banks and Asian Investment: Room for More?
Multilateral Development Banks and Asian Investment: Room for More? Panel Discussion: Infrastructure Needs and the New Silk Road ANNE VAN PRAAGH, MANAGING DIRECTOR, SOVEREIGN RISK GROUP ANDREW DAVISON,
More informationAnnouncement: Moody's Reviews Ratings for Banks and Securities Firms with Global Capital Markets Operations
Announcement: Moody's Reviews Ratings for Banks and Securities Firms with Global Capital Markets Operations Global Credit Research - 15 Feb 2012 New York, February 15, 2012 -- Moody's Investors Service
More informationNew Issue: Moody's assigns Aa1 rating to Hartford MDC's (CT) $58.9 million General Obligation Bonds, Issue of 2013, Series A & B; outlook is stable
New Issue: Moody's assigns Aa1 rating to Hartford MDC's (CT) $58.9 million General Obligation Bonds, Issue of 2013, Series A & B; outlook is stable Global Credit Research - 24 Jan 2013 Maintains Aa1 rating
More informationCelina Independent School District, TX
ISSUER COMMENT Annual Comment on Celina ISD RATING General Obligation (or GO Related) 1 A1 Celina Independent School District, TX No Outlook Contacts Catherine E Nicolosi +1.214.979.6861 Associate Lead
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 informationTaos Municipal School District 1, NM
CREDIT OPINION Taos Municipal School District 1, NM New Issue - Moody's assigns A1 Underlying/Aa1 Enhanced to Taos MSD 1, NM's $6.9M GO Refunding Bonds, Ser. New Issue Summary Rating Rationale Contacts
More informationblend Funding plc Update to credit analysis Credit strengths » Liquidity reserve as structural enhancement Credit challenges
CREDIT OPINION 19 October 2018 RATINGS blend Funding plc Domicile Long Term Rating Type Outlook United Kingdom A2 Senior Secured - Dom Curr Stable Please see the ratings section at the end of this report
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 informationCelina Independent School District, TX
CREDIT OPINION Celina Independent School District, TX New Issue - Moody's assigns A1 underlying/aaa enhanced to Celina ISD's, TX GOULT New Issue Summary Rating Rationale Moody's Investors Service has assigned
More informationPolicy for Analyst Rotation
Policy for Analyst Rotation Issued by: MIS Compliance Department Applicable to: All Key Analysts Scope: All Covered EU Ratings Effective Date: May 1, 2017 I. SCOPE MIS has adopted this Policy to implement
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 informationChallenging Issues and Alternative Approaches to CRE Credit Risk Modeling. RPC Conference, Scottsdale
Challenging Issues and Alternative Approaches to CRE Credit Risk Modeling RPC Conference, Scottsdale October 27, 2015 CRE Research Panel Discussion» Panelists Ron Vulgris (PNC) Kiran Yalavarthy (Wells
More informationNew Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) (CA) GO Bonds
New Issue: Moody's assigns Aa2 rating to Tustin Unified School District (USD) School Facilities Improvement District's (SFID) 2008-1 (CA) GO Bonds Global Credit Research - 12 Mar 2013 $25.0 million of
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 informationCredit Opinion: Radian Guaranty Inc.
Credit Opinion: Radian Guaranty Inc. Global Credit Research - 28 Nov 2012 Philadelphia, Pennsylvania, United States Ratings Category Rating Outlook Insurance Financial Strength Radian Group Inc. Rating
More informationCredit Trends: Kenyan Banks
Credit Trends: Kenyan Banks Promising growth prospects in the context of tightening regulatory oversight CHRISTOS THEOFILOU, AVP-ANALYST JULY 2016 Operating and Regulatory Environment Financial Profile
More informationSocorro Independent School District, TX
CREDIT OPINION Socorro Independent School District, TX Update to credit analysis Summary Contacts Nathan Phelps +1.214.979.6853 Analyst nathan.phelps@moodys.com Grayson Nichols +1.214.979.6851 AVP-Analyst
More informationCity of Mesquite, TX
CREDIT OPINION City of Mesquite, TX New Issue - Moody's Assigns Aa2 to Mesquite, TX's Series 2017 GOLT and CO New Issue Summary Rating Rationale Contacts Sarah Jensen Analyst sarah.jensen@moodys.com 214-979-6846
More information