New York, December 10, 2012 --
Issue: General Obligation Refunding Bonds Series 2012; Rating: Aa2; Sale Amount: $10,000,000; Expected Sale Date: 12-24-2012; Rating Description: General Obligation
Moody's Investors Service has assigned a Aa2 rating to the City of Raymore's (MO) $10 million General Obligation Refunding Bonds, Series 2012. Concurrently, Moody's has affirmed the Aa2 rating on the city's outstanding general obligation debt. Post-sale, the city will have $19.9 million of general obligation debt outstanding.
SUMMARY RATINGS RATIONALE
The bonds are secured by the city's general obligation unlimited tax pledge. Proceeds of the Series 2012 bonds will currently refund a portion of the city's outstanding Series 2004 and Series 2007 General Obligation bonds, for estimated net present value savings and debt service levy management purposes. The Aa2 rating reflects the city's stable tax base which benefits from its proximity to Kansas City (GO rated Aa2/stable outlook); well-managed financial operations characterized by healthy reserves; and an elevated debt burden with no immediate future borrowing needs.
-Satisfactory financial position with healthy reserve levels
-Above-average socio-economic profile
-Reliance on economically-sensitive sales tax revenues
-Elevated debt burden reflecting borrowing of overlapping entities
WHAT COULD CHANGE THE RATING -- UP
-Strong valuation growth
- Development of reserves and liquidity to levels above similarly rated entities
-Strengthening of the city's socio-economic profile
WHAT COULD CHANGE THE RATING -- DOWN
-Deterioration of operating reserve levels
-Increase in the city's overall debt levels
PRINCIPAL METHODOLOGY USED
The principal methodology used in this rating was General Obligation Bonds Issued by U.S. Local Governments published in October 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
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Mark G. Lazarus Analyst Public Finance Group Moody'sInvestors Service, Inc.100 N Riverside Plaza Suite 2220 Chicago, IL 60606 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Jeffery YorgAsst Vice President - Analyst Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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