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Waukesha (City of) WI - Moody's Research Report

MOODY'S ASSIGNS Aa2 RATING TO CITY OF WAUKESHA'S (WI) $5.6 MILLION GO REFUNDING BONDS, SERIES 2010

Posted on: December 22, 2009, 4:04 pm

NEW YORK, Dec 22, 2009 -- Moody's Investors Service has assigned a Aa2 rating to the City of Waukesha's (WI) $5.6 million General Obligation Refunding Bonds, Series 2010. Concurrently, Moody's has affirmed the Aa2 rating on the city's outstanding general obligation debt. Waukesha has $98.5 million of outstanding general obligation debt, including the current issue. Proceeds of the Series 2010 bonds will advance refund outstanding maturities of the General Obligation Corporate Purpose Bonds, Series 2001C, and will current refund outstanding maturities of the General Obligation Promissory Notes, dated June 1, 2002. The purpose of the refundings is to achieve estimated interest savings of approximately $179,000. The current bonds are secured by the city's general obligation unlimited tax pledge, and debt service is to be paid with property taxes. Assignment and affirmation of the Aa2 rating reflects Waukesha's sizeable and diverse tax base that benefits from its proximity to the City of Milwaukee (general obligation rated Aa2/negative outlook); weakened tax base and employment trends that reflect the economic recession; well-managed financial operations that are expected to continue despite continued budgetary pressures; adequate and stable reserve levels; and favorable debt profile with rapid amortization...

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