MOODY'S ASSIGNS A3 RATING TO MONTEREY COUNTY (CA) COP

Posted on: December 14, 2009, 1:56 pm

NEW YORK, Dec 14, 2009 -- Moody's Investors Service has assigned an A3 rating to the Monterey County (CA) Certificates of Participation (2010 Refinancing Project). The certificates of participation (COPs) will be issued to refund, in whole or in part, the county's COPs (1996 Natividad Medical Center Improvement Project, Series E) outstanding in the amount of $61.32 million. Concurrently, Moody's has affirmed the county's A1 issuer rating, the A2 rating on its 2004 Judgment Obligation Bonds, and the A3 rating on its 2007 Refunding COPs. The ratings reflect the county's large, diverse tax base which includes both higher-wealth coastal communities and inland agricultural areas. The county's assessed value suffered a moderate decrease in the current year which may well be followed by further decline in 2011; however, over the longer term growth is expected to resume albeit at a slower pace than in recent years. The county's conservatively structured, comparatively modest debt portfolio and its sound financial position are also incorporated in its ratings. The newly positive financial performance of the county's hospital is a key, positive credit factor as the general fund is relieved from subsidizing the operating losses which were common in prior years...

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