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Management- Ells River <br /> 7 STANDAR08ROOR'S Hot Topics Credit Tools Infographics Understanding Ratings <br /> to RATINGS SERVICES <br /> Sll U.S.Local Governments Ratings criteria 1 <br /> US LOCAL GOVERNMENTS Scenario Comparison My Scenarios <br /> Elk River Overrides <br /> 'Indicative Rating' . .: •••---••••-•••---••••, Q Illustrative Issuer <br /> r t� Credit Rating Range` <br /> Adjust the Score:Management + Positivelmpact a — Negativehnpact a <br /> Assessing The Management Score + Consistent ability to maintain balanced <br /> operations. <br /> Score Characteristics <br /> FMA score of"Strong"and none of the factors in scores W or'S'are present. NO j j Yes <br /> r <br /> FMA score of"Good"and none of the factors in scores'V or'S'are present. + Government service levels are limited. <br /> STRONG <br /> No Yes <br /> FMA score of"Standard"and none of the factors In scores'4°or'S'are present. <br /> 3 ADEQUATE <br /> FMA score of"Vulnerable"or any of the following Is present:there is a financial Frequent dersta management turnover inhibiting a <br /> 4 WEAK reporting restatement that has a material negative impact;any of the conditions in current understanding of the government's or <br /> score's'existed within the past three years;the structural imbalance override I financial position and its ability tt a adjust,th <br /> J political gridlock or instability that bangs the <br /> same results. <br /> 5 VERY Regardless of the FMA score,any of the following Is present:A management team <br /> WEAK that lacks relevant skills resulting in a weak capacity for planning,monitoring,and r ,^ <br /> management;an auditor has delivered a going concern opinion;the government is ` No Yes <br /> SCORE AFTER ADJUSTMENT <br /> "These are not Standard&Poor's Ratings Services credit ratings.Read car full disclaimer <br /> Public Sector Advisors 10 Springsted <br />