MOODY'S ASSIGNS MIG 2 RATING TO RICHLAND COUNTY'S (OH) $12.2 MILLION VARIOUS PURPOSE PUBLIC IMPROVEMENT (GOLT) BOND ANTICIPATION NOTES, SERIES 2010

Posted on: December 24, 2009, 10:35 am

NEW YORK, Dec 24, 2009 -- Moody's Investors Service has assigned a MIG 2 rating to Richland County's (OH) $12.2 million Various Purpose Public Improvement General Obligation Limited Tax Bond Anticipation Notes, Series 2010. Concurrently, Moody's has affirmed the Baa1 rating and negative outlook on the county's $24.5 million of outstanding long term general obligation limited tax (GOLT) debt. Proceeds of the current issue will redeem the county's outstanding bond anticipation notes (BANs), which mature on January 12, 2010. Assignment of the MIG 2 rating reflects the current issue's GOLT security and expected market access. The MIG 2 rating is also based on the county's fundamental credit characteristics as reflected in the long term Baa1 rating and negative outlook. Affirmation of the Baa1 rating reflects the county's extremely narrow liquidity; pressured regional economy following the loss of General Motors, the largest employer in the county; and manageable debt profile despite somewhat elevated exposure to market access risk. Assignment of the negative outlook reflects Moody's expectation that the county's financial position will remain pressured and that current challenges within the regional economy are likely to persist over the near-term...

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