01.12.2012 02:15
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Haverford Township S.D. (Delaware County), PA -- Moody's assigns an A1 underlying rating and a A1 enhanced rating with a stable outlook to Haverford Township School District's $3.6 million G.O.

Affirms A1 underlying rating on $105.6 million of previously rated general obligation Debt; Outlook is negative

New York, November 30, 2012 --

Moody's Rating

Issue: General Obligation Bonds, Sereis 2013; Underlying Rating: A1 and Enhanced Rating: A1; Sale Amount: $3,600,000; Expected Sale Date: 12-4-2012; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned an A1 underlying rating with a negative outlook and A1 enhanced rating with a stable outlook to the Haverford Township School District's$3.6 Million General Obligation Bonds, Series of 2013. Concurrently, Moody's affirms the A1 underlying rating on $105.6 million of previously rated general obligation debt. The current offering is secured by the district's unlimited tax general obligation pledge. The proceeds of the bonds will be used to refund School Revenue bonds, Series 2004 for an estimated net present savings of $133,935, or 4.28% of par. The majority of the savings will be taken in the first two years of the amortization scheduled with no extension in maturity.

SUMMARY RATING RATIONALE

The A1 underlying rating reflects the district's moderately sized tax base with above average wealth levels and high debt burden with variable rate and swap exposure. The negative outlook reflects the district's challenges to maintain the recently improved but still narrow financial position despite increasing the tax levy above the index and making expenditure reductions.

The A1 enhanced rating with a stable outlook is based on the additional security provided by the Commonwealth of Pennsylvania's Act 150 School District Intercept Program. The Act provides undistributed state aid to be diverted to bond holders in the event of default. The timing of the state aid payments relative to the timing of debt service payments is satisfactory for these bonds.

STRENGTHS

-Sizeable tax base with wealth levels above the state medians

-Tax base expects to remain stable based on ongoing development in the local economy

CHALLENGES

-Narrow financial position due to two years of large operating deficits

-High debt burden with no future borrowing plans

OUTLOOK

The negative outlook reflects the district's challenges to maintain structural balance due to increased pension and health care costs despite increasing the tax levy above the index and making modest expenditure reductions.

What could make the rating go UP (including removal of the negative outlook):

-Regain structural balance and increase General Fund reserves

-Reduction in the district's overall debt burden

-Reduction in variable rate debt and swap exposure

What could make the rating go DOWN:

-Continued structural imbalance that further deteriorates the district financial position.

-Increased debt burden

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.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

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Shannon McCue Associate Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Josellyn YousefAsst 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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