County of Allegheny

• Issue Currency: United States of America Dollars
• Announcement Date: 20-Jun-2018
• News: Moody`s Investors Service has assigned a Aa3 rating to Allegheny County, PA`s $90 million General Obligation Bonds, Series C-77. Concurrently, Moody`s has upgraded to Aa3 from A1, the rating on the county`s outstanding general obligation debt and revised the outlook to stable from positive. RATINGS RATIONALE The upgrade to Aa3 from A1 reflects the county`s large and growing tax base which benefits from the institutional presence of universities which have led to notable economic growth in medical and technology sectors, a trend that is expected to continue. Additionally, the rating incorporates the county`s improved financial position with satisfactory reserves and liquidity, slightly elevated debt burden which is expected to remain stable despite future plans to issue additional debt. The rating also incorporates the county`s elevated pension liability and above-average resident wealth and income levels. RATING OUTLOOK The stable outlook reflects our belief that the county`s tax base will continue to grow while its financial position will remain stable despite planned issuances of new debt. The outlook also incorporates our expectation that the county will begin addressing its ongoing pension underfunding.

• Issue Currency: United States of America Dollars
• Announcement Date: 20-Jun-2018
• News: Moody`s Investors Service has assigned a Aa3 rating to Allegheny County, PA`s $90 million General Obligation Bonds, Series C-77. Concurrently, Moody`s has upgraded to Aa3 from A1, the rating on the county`s outstanding general obligation debt and revised the outlook to stable from positive. RATINGS RATIONALE The upgrade to Aa3 from A1 reflects the county`s large and growing tax base which benefits from the institutional presence of universities which have led to notable economic growth in medical and technology sectors, a trend that is expected to continue. Additionally, the rating incorporates the county`s improved financial position with satisfactory reserves and liquidity, slightly elevated debt burden which is expected to remain stable despite future plans to issue additional debt. The rating also incorporates the county`s elevated pension liability and above-average resident wealth and income levels. RATING OUTLOOK The stable outlook reflects our belief that the county`s tax base will continue to grow while its financial position will remain stable despite planned issuances of new debt. The outlook also incorporates our expectation that the county will begin addressing its ongoing pension underfunding.