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Criteria I Governments I U.S. Public Finance: U.S. Local Governments General Obligation Ratings:Methodology <br /> And Assumptions <br /> Table 12 <br /> Assessing The Liquidity Score (see paragraphs <br /> Tit G�v�m rr�nt#vaitabt+e iastt#s Of Tali t �rr�r�Furrka 11�t <br /> Total Gowernment <br /> Availatle Cash As% >124 100 to 120 80 to 100 .10 to 30 <40 <br /> Of Total G oxemmental <br /> Funds E),penditures <br /> 9 to 15 3 4 <br /> 4 to 8 = 3 3 4 <br /> 1 to - 4 4 4 4 <br /> <1 E_ 5 5 5 _ <br /> A score cf 1. 2. ?, 4 and 5 are verystrong,strong, adequate, vreak and very weak, respectively. <br /> Qualitative factors Wth a positive impact on the initial Qualitative facto with a negative impact on the initial <br /> :sere, score; <br /> If projections forthe current year(andthe fellcvingyear) If projections fbrthe current year(and the follovingyea.r) <br /> suggest a better initial snare,the score improves by one suggest a Ywrse initial score,the score morsens by one point. <br /> point. <br /> If access to external liquidityis'exceptionar asdefined in Ifaccessto external IiquicIity is uncertain'as defined in table <br /> table 12,the score improves byt%w paints; if-strong',the 13,the score mrsensbyt%%u points; if-limited',the score <br /> scare improves by one paint. mrsens by one paint. <br /> Very robust and stable internal cash fio%vgeneration capacity High refinancing risk overthe next 24 month& <br /> cam pared ttith peers i n th is categ cry. <br /> Aggressive use of investments. <br /> Exposureto non-remote contingent Iiatrility riskthat could come <br /> due within 12 months. <br /> See paragraph 77 far ci rcumstances resulting in an a uta m atic sea re a f* or `. E Ara or in a ry p rc cc ed s(su ch as unusedshort- <br /> term borrovAng)that span fisca I years a r th at are oth ervAse d edi cated will be adjusted cut of—etaI GovemmentA:ailable Cash. <br /> For each relevantgualitative factor,the wore changes by one point, except for accessta external Iigaidity41ich could change <br /> the final score bytvia poi ntsand contingent Iisbility expo sure 4ich could cap the score at Dr'5.The fi nal Iiquiditysccre <br /> equals theinitial sea re adjusted up or da%%n based on the net effect afthequalitative fsdors. M etricsthat equal a out-off paint <br /> between two initial scares will equate to the worse score. <br /> 70. Various qualitative factors may raise or lower the final liquidity score relative to the initial score, as shown in table 12. <br /> WWW.STANDARDANDPOORS.COM/RATINGSDIRECT SEPTEMBER 12,2013 26 <br /> 1190266 1300881696 <br />