![]() ![]() Outlooks are not generally assigned to local government credits with this amount of debt outstanding.įACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING If our view of the credit quality of the township changes, we will update the rating and/or outlook at that time. The situation surrounding coronavirus is rapidly evolving. The longer term impact will depend on both the severity and duration of the crisis. Lower Paxton is not susceptible to immediate material credit risks related to coronavirus. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. Additionally, the rating considers the township's growing and elevated debt burden that is supported by the township's sewer authority. Despite reliance on earned income taxes, and business closures due to coronavirus, our current understanding is that the revenue impact is limited and offset with equivalent cuts in expenditures. The rating also incorporates the township's healthy reserve position, general fund support of an underperforming community center, and reliance on economically sensitive revenues. The Aa2 rating reflects the township's robust tax base and above average resident wealth and income levels. Moody's maintains a Aa2 rating on approximately $108.1 million of the township's outstanding GOULT debt. New York, Septem- Moody's Investors Service has assigned a Aa2 general obligation unlimited tax (GOULT) rating to the Township of Lower Paxton, PA's $35.0 million General Obligation Bonds, Series C of 2020. Rating Action: Moody's assigns Aa2 to Lower Paxton, PA's General Obligation Bonds, Series C of 2020
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