Cottage Grove, OR#s Series 2017 Full-Faith-And-Credit Refunding Obligations Assigned #AA# Rating

Stocks and Financial Services Press Releases Tuesday December 12, 2017 11:04
SAN FRANCISCO--12 Dec--S&P Global Ratings

SAN FRANCISCO (S&P Global Ratings) Dec. 11, 2017--S&P Global Ratings assigned its 'AA' long-term rating to Cottage Grove, Ore.'s series 2017 full-faith-and-credit refunding obligations. The outlook is stable.

We understand that the city is issuing the obligations to advance refund certain maturities of its Local Oregon Assets Program series 2013A certificates of participation and to current refund certain maturities of its 2009 loan from the Oregon Economic Community Development Department in order to achieve interest cost savings.

"The rating reflects our view of the city's adequate economy, strong management and strong budgetary performance, and very strong budgetary flexibility and strong liquidity," said S&P Global Ratings credit analyst Chris Grant.

The stable outlook reflects our view of the city's record of positive budgetary performance and high level of flexibility, supported by experienced management, and low debt carrying charge with a fast amortization. Additionally, we expect the city's high market value per capita to contribute to economic stability despite low income levels. Accordingly, we do not expect to change the rating within the next two years.

We could raise the ratings if the city's economy (particularly income levels) improves significantly, it continues to maintain very strong levels of available reserves, and it formalizes its management practices to facilitate operational continuity in the case of staff turnover.

We could lower the rating if the city spends down a significant share of its available reserves through unbalanced operations or capital projects, or if it expands its use of alternative financings to the extent that we feel its liquidity could become compromised.

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