08.12.2012 01:15
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Somers (Town of) CT -- Moody's assigns Aa2 rating to the Town of Somers' (CT) $7.18 million General Obligation Refunding Bonds, Issue of 2012

Aa2 rating applies to $12.88 million of outstanding general obligation debt

New York, December 07, 2012 --

Moody's Rating

Issue: General Obligation Refunding Bonds Issue of 2012; Rating: Aa2; Sale Amount: $7,185,000; Expected Sale Date: 12-17-2012; Rating Description: General Obligation

OPINION

Moody's Investors Service has assigned a Aa2 rating on the town of Somers' (CT) ) $7.18 million General Obligation Refunding Bonds, Issue of 2012. Concurrently, Moody's has affirmed the Aa2 rating on $12.88 million of outstanding general obligation debt.

SUMMARY RATING RATIONALE

The bonds are secured with the towns unlimited tax general obligation pledge. Proceeds from the current issue will refund Issue of 2004 and 2007 general obligation bonds for estimated net present savings of $650,000, 8.5% of refunded principal. The Aa2 rating reflects the town's small residential tax base with average wealth levels, stable financial operations with healthy General fund reserves, and manageable debt burden with limited future borrowing plans.

STRENGTHS

-Stable financial operations

-Healthy General Fund reserves

CHALLENGES

-Recent declines in property tax valuations

WHAT COULD MAKE THE RATING GO UP

-Growth in the local tax base

-Improved socio economic indicators

WHAT COULD MAKE THE RATING GO DOWN

-Deterioration in the town's financial position

-Significant increase in the direct debt burden

PRINCIPAL METHODOLOGY

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

For ratings issued on a program, series or category/class of debt, this announcement provides certain 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 certain 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 certain 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.

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

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

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: 212-553-1653Edward Damutz VP - Senior Credit Officer 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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