Issue: Fire Protection Service General Obligation Bonds, Series 2012B; Rating: Aa1; Sale Amount: $8,100,000; Expected Sale Date: 12-18-2012; Rating Description: General Obligation
Moody's Investors Service has assigned a Aa1 rating to Richland County's (SC) $8.1 million Fire Protection Service General Obligation Bonds Series 2012B. The bonds are secured by the county's unlimited general obligation tax pledge. Concurrently, Moody's currently maintains a Aa1 rating on the county's $102 million of outstanding parity debt.
SUMMARY RATINGS RATIONALE
The Aa1 rating is based on the county's strong financial position, a stable tax base that is bolstered by a large institutional presence, and a manageable debt burden. Proceeds from the 2012B bonds will provide financing for fire fighting equipment and apparatus as well as emergency vehicles and renovation and construction of county facilities.
-Sizeable tax base which benefits from the state capital and university
-Strong cash position and ample reserves
- Continuing state aid reductions
WHAT COULD MOVE THE UNDERLYING RATING UP
-Substantial growth in the county's tax base and wealth levels
WHAT COULD MOVE THE UNDERLYING RATING DOWN
-Significant deterioration of General Fund reserves
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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Robert WeberAsst Vice President - Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Christopher Coviello Vice President - Senior 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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