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Criteria I Governments I U.S. Public Finance: U.S. Local Governments General Obligation Ratings:Methodology <br /> And Assumptions <br /> Chart I <br /> Analytical Framework For Local GO Ratings <br /> Financial Measures Debt R <br /> Institutional Economy Management Contingent <br /> Framework 8 liquidity �"���� �u�et�� Liabilities <br /> 10% 30% 0% uidi Performance Flexibility <br /> 10% 10 10% <br /> Indicative Rating <br /> Positive Overriding Factors Negative Overriding Factors <br /> Love market value per capita (one-notch <br /> High income levels (cane- or tiro-notch adjustment) <br /> adjustment) Low nominal fund balance (one-notch <br /> adjustment) <br /> Sustained high fund balances <br /> {one-notch adjustment) 4 Weak liquidity(caps rating at 'BBB+'or <br /> BB+') <br /> Weak management(caps rating at <br /> W or'BBB-') <br /> Lack of willingness to pay obligations <br /> 4 (caps rating at`BBB-`for leases and `B' <br /> for debt) <br /> Large or chronic negative fund balances <br /> (caps rating at`A+'N `A-`, or`BBB') <br /> Budgetary flexibility score of'S' (caps <br /> rating at ',A.+') <br /> 4 <br /> Structural imbalance (caps rating at <br /> Potential one-notch adjustment (but not higher than cap) <br /> Final Rating <br /> P�Standard&PDors 2413. <br /> WWW.STANDARDANDPOORS.COM/RATINGSDIRECT SEPTEMBER 12,2013 5 <br /> 1190266 1300881696 <br />