Gwinnett (County of) GA -- Moody's assigns Aaa to Gwinnett County, GA's Revenue Bonds, outlook stable
Globall Credit Research -- Moody's Investors Service has assigned a AAA to Gwinnett County, GA's $23.7 million Revenue Bonds (Gwinnett Place Mall Project), Federally Taxable Series 2021, issued through the Urban Redevelopment Agency of Gwinnett (Georgia). We maintain a AAA on the county's outstanding GO and GO-backed debt. The outlook is stable.
RATINGS RATIONALE - The AAA rating reflects the county's large and growing tax base outside Atlanta, strong financial position and manageable long-term liabilities and fixed costs.
RATING OUTLOOK - The stable outlook reflects our expectation that the county's base will continue to expand given strong permitting activity, recent development announcements and proximity to Atlanta. This growth will support strong revenue performance, which, along with good management and low fixed costs, will lead to continued stability in the county's financial position.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING-N/AFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING - Significant tax base deterioration-Marked decline in reserves and cash due to ongoing structural imbalance.
LEGAL SECURITY - Bonds are ultimately secured by the county's unlimited ad valorem pledge pursuant to an intergovernmental contract with the Agency.
USE OF PROCEEDS - The Series 2021 (Gwinnett Place Mall Project) Revenue Bonds will be used to finance the cost of property acquisition for future development to the benefit of the county.
PROFILE - Gwinnett County is located northeast of Atlanta. As of 2019, the county's population was 936,250.
METHODOLOGY - The 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 DISCLOSURES - For 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:
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