Moody's rates Maine Mu­nic­i­pal Bank's Bonds

The Pak Banker - - Front Page -

NEW YORK

Global rat­ing agency Moody's has as­signed a Aa2 rat­ing to the Maine Mu­nic­i­pal Bond Bank's ( MMBB, the bank) 2012 Se­ries F Re­fund­ing Bonds and 2012 Se­ries G Tax­able Re­fund­ing Bonds. Moody's main­tains a Aa2 rat­ing on ap­prox­i­mately $ 1.3 bil­lion in out­stand­ing par­ity debt.

Pro­ceeds from the Se­ries F and G bonds will be used to re­fund sev­eral se­ries of out­stand­ing bonds for an expected net present value sav­ings of 8.2% and 4.9% of re­funded prin­ci­pal, re­spec­tively, with no ex­ten­sion of ma­tu­rity.

The Aa2 rat­ing re­flects the ap­pli­ca­tion of our method­ol­ogy for pool pro­gram debt. The method­ol­ogy's key rat­ing fac­tors and weights as­signed to each fac­tor are as fol­lows; un­der­ly­ing credit qual­ity and de­fault tol­er­ance (50%); pool size and diver­sity (15%); debt struc­ture and le­gal covenants (20%); and man­age­ment and gov­er­nance (15%).

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