#Aa2 mods 404 full#
Additionally, the district's strong reserve position provides financial flexibility in the event there are adjustments to state aid.The Aa2 assigned to the district's general obligation bonds is equivalent to the Aa2 issuer rating given an unlimited property tax pledge that is dedicated for debt service and levied upon all taxable property within the district.The Aa2 rating on the district's maintenance tax notes is the same as the Moody's issuer rating, and reflects the district's adequate taxing headroom of over 38,000%, which offsets the lack of full faith and credit pledge and inability of the school board to override the statutory limitation.The Aaa enhanced rating is based on the rating of the Texas Permanent School Fund and the structure and legal protections of the transaction which provide for timely payment by the PSF if necessary.
#Aa2 mods 404 driver#
The coronavirus pandemic is not a key driver of this rating action, given no significant cuts to state funding are anticipated. Leverage is average, driven by debt issuances and slow principal amortization. The Aa2 incorporates the district's exposure to petrochemicals, with DOW Chemical being the largest taxpayer, and declining enrollment trends. The issuer rating reflects the district's ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features.RATINGS RATIONALEAffirmation of the Aa2 issuer rating is based on Brazosport ISD's strong reserve position, manageable fixed costs, and favorable economic indices. Concurrently, Moody's affirms the Aa2 issuer rating and the underlying Aa2 rating on $404 million outstanding general obligation unlimited tax (GOULT) debt and maintenance tax notes.
#Aa2 mods 404 series#
Rating Action: Moody's assigns Aa2 UND/Aaa ENH to Brazosport ISD, TX's GOULT bonds affirms Aa2 issuer ratingGlobal Credit Research - New York, Ma- Moody's Investors Service has assigned Aa2 underlying and Aaa enhanced ratings to Brazosport Independent School District, TX's $28.2 million Unlimited Tax Refunding Bonds, Series 2021.
0 kommentar(er)
