MOODY'S UPGRADES TO A3 FROM Baa1 GREATER NEW BEDFORD REGIONAL REFUSE MANAGEMENT DISTRICT'S (MA) GENERAL OBLIGATION BONDS

Posted on: December 18, 2009, 3:36 pm

NEW YORK, Dec 18, 2009 -- Moody's Investors Service has upgraded the Greater New Bedford Regional Refuse Management District (MA) to A3 from Baa1 affecting $1.82 million in outstanding general obligation debt, secured by the general obligation pledge of district which annually assesses debt service and operating costs to the member communities of New Bedford (G.O. rated A3) and Dartmouth (G.O. rated A1). The upgrade reflects the improved credit quality of the member towns as well as the district's satisfactory financial margins and sound cash position. The district's financial position has improved evident in fiscal 2008 total unrestricted cash ending at $1.5 million or an ample 28% of total revenues, up from $739,000 or 14.6% in fiscal 2006 (ended June 30). The A3 rating additionally reflects the district's large service area, valued at $13.5 billion, which is made up of two member towns: New Bedford and Dartmouth. Also incorporated in the rating is the district's minimal debt burden, which is expected to remain manageable, given the absence of future debt plans and rapid amortization of outstanding debt (100% paid within 10 years). All of the district's debt is fixed rate and the district is not party to any derivative agreements...

Login to your account

Email address:
Password:

Become a member

Register for a MunicipalBonds.com account to get access to a whole new way of tracking, analyzing, and researching bonds.

   Keep track of bonds you own
   Get ratings from S&P for all rated municipal bonds
   View issue history reports
   Access our price archives
...And much more

Register now »

We are providing certain data supplied to us by the Municipal Securities Rulemaking Board ("the Service") without warranties or representations and on an "as-is" basis. WE HEREBY DISCLAIM ALL REPRESENTATIONS AND WARRANTIES (EXPRESS OR IMPLIED), BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE REGARDING THE SERVICE. You shall bear all risk, related costs and liability and be responsible for your use of the Service.

The transaction data provided through the Real-Time Transaction Subscription Service represents municipal securities transaction data made available by brokers, dealers, and municipal securities dealers to the MSRB and related information. Such transaction data and/or related information may not exist for all municipal securities and may not be required to be submitted to the MSRB for certain types of municipal securities transactions. The MSRB does not review transaction data submitted by submitters for accuracy, completeness or any other purpose, and does not warrant or guarantee the accuracy of any such transaction data and/or related information.

The MSRB, its officers, directors, employees, agents, consultants, and licensors shall not be liable or responsible to you or anyone else for any losses, injuries, damages, costs, expenses or claims caused by, arising out of or relating to the following: (a) acts, omissions, occurrences or contingencies beyond their control; (b) service interruptions or performance failures, such as those that result from the use of telecommunications facilities that are outside of their control, including the Internet: (c) negligence, gross negligence or willful misconduct in procuring, compiling, interpreting, editing, writing, reporting or delivering any of the content and material; (d) lost, stolen, late, corrupted, misdirected, failed, incomplete or delayed transmissions by anyone using the Service, including, but not limited to, any technical malfunctions, human error, computer viruses, lost data transmissions, omissions, interruptions, deletions, defects, hyperlink failures or line failures of any telephone network, computer equipment, software or any combination thereof; (e) damage to your computer systems, equipment, software, data or other tangible or intangible property resulting from or sustained in connection with your use of the Service; and/or (f) any disruption of business, lost sales or lost profits or any punitive, exemplary, indirect, special, incidental, or consequential damages associated or in connection with, resulting from or arising out of any use of the Service or the content and material in the Service.

The MSRB and its officers, directors, employees, agents, consultants, and licensors shall have no liability in tort, contract, or otherwise (and as permitted by law, product liability) to you or anyone else for any reason associated or in connection with, resulting from or arising out of your use of the Service. The MSRB, its officers, directors, employees, agents, consultants, and licensors make, and have made, no recommendations regarding any of the securities or other investment vehicles, referred to or described in the Service.

The Service is reproduced by permission of the MSRB under a non-exclusive license. The MSRB accepts no responsibility for the accuracy of the reproduction of the Service or that Service is current.