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Plumas Unified School District, CA — Moody’s assigns initial Aa3 issuer rating to Plumas USD, CA; upgrades outstanding GOs to Aa2; and assigned Aa2 to 2016C GO bonds

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Rating Action: Moody’s assigns initial Aa3 issuer rating to Plumas USD, CA; upgrades outstanding GOs to Aa2; and assigned Aa2 to 2016C GO bondsGlobal Credit Research – 12 Feb 2021New York, February 12, 2021 — Moody’s Investors Service has assigned Plumas Unified School District, CA an initial Aa3 issuer rating. Concurrently, Moody’s has upgraded the district’s $35.1 million outstanding general obligation bonds to Aa2 from Aa3 and assigned Aa2 ratings to the district’s $15.9 million General Obligation Bonds, Election of 2016, Series C. Following the upcoming issuance, the district will have approximately $51 million of outstanding GOULT bonds.RATINGS RATIONALEThe Aa3 issuer rating, which reflects the district’s fundamental credit quality, incorporates the district’s stable, rural residential tax base, with somewhat below-average resident income levels, strong resident property wealth and relatively stable recent enrollment. The rating reflects the district’s strong financial position, which will narrow somewhat following additional draws for capital projects, but still remain consistent with the rating. Management anticipates the district moving into Community-Funded status and will maintain its healthy financial position despite any revenue variations through conservative budgeting practices, including a strong minimum reserve policy the district has exceeded in recent years. The rating incorporates the district’s moderate but manageable leverage with below-average fixed costs. The rating accounts for the wildfire risks inherent in the district’s location coterminous with Plumas County, which is largely federal forest land.The Aa2 rating on the school district’s GOULT bonds is one notch higher than the district’s issuer rating. The one notch distinction reflects California school district GO bond security features that include the physical separation through a “lockbox” for pledged property tax collections and a security interest created by statute.RATING OUTLOOKOutlooks are not typically assigned to local governments with this amount of debt outstanding.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS- Significant improvement in resident income levels- Substantial increase in reserves- Entrenchment in Community Funded status- Reduction in leverage from pension and OPEB liabilitiesFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS- Material decline of reserves and liquidity- Significant increase in fixed costs that pressure financial performanceLEGAL SECURITYThe general obligation bonds are secured by the district’s voter-approved unlimited property tax pledge. Plumas County, rather than the district will levy, collect, and disburse the district’s property taxes, including the portion constitutionally restricted to pay debt service on general obligation bonds.USE OF PROCEEDSBond proceeds will be used to finance or reimburse the costs of construction, repair, modernization, acquisition, and equipping of school classrooms, facilities, and school sites throughout the district.PROFILEPlumas Unified School District, CA encompasses about 2,100 square miles and is coterminous with Plumas County, three quarters of which is national forest land. The district’s 18,000 residents are located primarily in the communities of Chester, Greenville, Portola and Quincy, each of which is served by its own elementary school and junior-senior high school. The district’s eight schools have combined enrollment of about 1,700 as of fiscal 2021.METHODOLOGYThe principal methodology used in these ratings was US K-12 Public School Districts Methodology published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1202421. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.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.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Lori Trevino Lead Analyst Regional PFG West Moody’s Investors Service, Inc. 405 Howard Street Suite 300 San Francisco 94105 US JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Orlie Prince Additional Contact Regional PFG Northeast JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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Source: on 2021-02-12 17:18:45

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