Moody's rates Maine Municipal Bank's Bonds
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%).