MOODY'S ASSIGNS MIG 1 RATING TO NEW BEDFORD'S (MA) $4.23 MILLION BANS

Posted on: December 11, 2009, 1:33 pm

NEW YORK, Dec 11, 2009 -- Moody's Investors Service has assigned a MIG 1 rating to the City of New Bedford's $4.23 million General Obligation Bond Anticipation Notes (dated December 22, 2009 and payable February 12, 2010). Concurrently, Moody's has affirmed the city's long-term bond rating of A3, affecting approximately $94 million of previously-issued general obligation, limited tax (GOLT) debt. Of the outstanding GO bonds, roughly $82 million also carries the Massachusetts Qualified Bond Program's enhanced rating of Aa3 with a stable outlook. The notes are secured by the city's general obligation, limited tax pledge, as debt service has not been exempted from the levy limitations of Proposition 2 ½. Proceeds of the notes provide new money financing for the Lincoln School construction project. Assignment of the MIG 1 rating reflects Moody's expectation that New Bedford is likely to obtain sufficient market access for the current issue, based on the city's history of demonstrated capital market access and Moody's expectation that the notes will be permanently financed by State Qualified Bonds, as well as the city's underlying long-term credit characteristics, The A3 long-term rating incorporates the city's sizeable tax base with below-average wealth and income levels, satisfactory financial position which is expected to narrow over the near term, and affordable debt burden...

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