Issue: Revenue Bond Anticipation Notes, Series 2015; Rating: MIG 1; Sale Amount: $4,150,000; Expected Sale Date: 05-19-2015; Rating Description: Note: Bond Anticipation
Moody’s Investors Service has assigned a MIG 1 rating to the Town of Lexington’s (SC) $4.2 million Revenue Bond Anticipation Notes, Series 2015 dated on or about May 28, 2015 and due May 15, 2016, issued by the Saxe Gotha-Lexington Public Facilities Corporation. Concurrently, Moody’s has affirmed the Aa2 underlying rating on the town’s $1.2 million of outstanding general obligation debt.
SUMMARY RATING RATIONALE
Assignment of Moody’s highest quality short term rating reflects our expectation that the town will be able to refinance the notes at maturity, given a sound underlying credit quality and liquid financial position. The Aa2 rating reflects the town’s sizeable tax base, above average wealth indices, history of sound financial operations and low debt burden.