Rating Methodology New York
نویسنده
چکیده
Moody's ratings for tax-backed municipal bonds are derived from five primary credit factors: legal security, local economy , financial operations, debt profile and management. This special comment will focus on the debt component of Moody's analysis and ratings. Debt as a credit factor can not be isolated from the other credit factors, nor viewed as a stand-alone ratio or set of ratios. Rather, as with each of the credit factors, understanding a local government's debt profile in relationship to the other credit factors is crucial to making rating distinctions. • As a long-term commitment, debt represents a leverage against the local economic base and the taxable resources that are ultimately responsible for the debt retirement. • From an annual financial perspective, debt represents a fixed line-item expense that local governments must budget for with adequate supporting revenues or sufficient cash flow. • Growing communities must manage the capital costs of expanding infrastructure demands, while mature communities must plan for deferred maintenance issues and redevelopment costs. Optimally, both require long-term planning for infrastructure costs coupled with affordability studies.
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