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Rating Agency Liaison

Credit rating agencies will review and assign a credit rating to each bond issue of the Authority. So long as the rated bonds are outstanding, credit rating agencies will periodically review the rating assigned to the bond issue. This periodic review results in the rating agency publishing an update to the bond issue credit rating.

The credit rating update process is very similar to obtaining an initial credit rating on the bonds. The Authority is here to provide assistance before, during and after credit rating reviews. Our ongoing professional relationship with all three major rating agencies allows us to keep up with current developments in rating agency processes, procedures and methodology.

Working with the Authority during credit rating reviews allows us to assist you with:

  • Preparing Documentation
  • Communicating with the Rating Agency
  • Coordinating Site Visits/Calls/Visits to Rating Agencies

Moody’s | S&P | Fitch

Moody’s Standard and Poor’s
Rating Outlook Classification Rating Outlook
Aaa None Investment Grade AAA None
Aa1 Positive, Stable, Negative Investment Grade AA+ Positive, Stable, Negative
Aa2 Positive, Stable, Negative Investment Grade AA+ Positive, Stable, Negative
Aa3 Positive, Stable, Negative Investment Grade AA- Positive, Stable, Negative
A1 Positive, Stable, Negative Investment Grade A+ Positive, Stable, Negative
A2 Positive, Stable, Negative Investment Grade A Positive, Stable, Negative
A3 Positive, Stable, Negative Investment Grade A- Positive, Stable, Negative
Baa1 Positive, Stable, Negative Investment Grade BBB+ Positive, Stable, Negative
Baa2 Positive, Stable, Negative Investment Grade BBB Positive, Stable, Negative
Baa3 Positive, Stable, Negative Investment Grade BBB- Positive, Stable, Negative
Ba1,2,3 None Non-Investment Grade BB1,2,3 None
Positive = Likely to be upgraded within 2 years
Stable = Not likely to be upgraded or downgraded
Negative = May be upgraded or downgraded within 2 years