Rating Action: Moody’s assigns A1 to Oneida County, NY’s GO BondsGlobal Credit Research – 09 Mar 2021New York, March 09, 2021 — Moody’s Investors Service has assigned an A1 rating to the County of Oneida’s Public Improvement Refunding (Serial) Bonds, 2021. The bonds have an anticipated par value of $10.8 million. Moody’s maintains an A1 rating on the county’s outstanding general obligation limited tax (GOLT) debt and an A1 on the county’s issuer rating.We consider the county’s GO debt to be GOLT because of limitations under New York State law on property tax levy increases. The issuer rating is equivalent to the county’s hypothetical general obligation unlimited tax rating. There is no debt associated with this security.RATINGS RATIONALEThe rating assignment reflects the county’s sizeable tax base that has retained its large scale economic development projects despite the recent economic downturn. The rating also incorporates the county’s fiscal position, which includes adequate reserves that we anticipate will remain satisfactory for the rating despite a budgeted expectation of a decline in reserves in fiscal 2021. However, we anticipate that the county will continue to meet any revenue weakness with expenditure reductions that will enable the county to maintain fiscal operations in line with recent performance. The county’s fixed costs are manageable and not a material credit weakness.We consider the outstanding debt to be GOLT because of limitations under New York State law on property tax levy increases. The lack of distinction between the GOLT rating and the Issuer rating reflects the county legislature’s ability to override the property tax cap and the faith and credit pledge in support of debt service.RATING OUTLOOKMoody’s does not typically assign outlooks to local governments with this amount of debt outstanding.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- Sustained operating surpluses and improved liquidity and reserves- Significant tax base growth- Material improvement of resident wealth indicatorFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Material operating deficits resulting in meaningful reductions in reserves- Sustained economic loss resulting in weakened wealth metrics- Significant tax base contractionLEGAL SECURITYThe bonds are secured by a general obligation pledge as limited by New York State’s legislative cap on property taxes (Chapter 97 (Part A) of the Laws of the State of New York, 2011) as well as the pledge of its faith and credit.USE OF PROCEEDSProceeds of the sale will be used to refund the Public Improvement (Serial) Bonds, 2013.PROFILEOneida County is located in the Mohawk Valley of central upstate New York and includes the City of Utica (Baa1). The City of Syracuse (A1 stable) is located approximately 50 miles to the west and the City of Albany is located approximately 90 miles to the east. Oneida encompasses 1,227 square miles.METHODOLOGYThe principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1260094. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody’s Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody’s affiliates outside the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. 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