Rating Action: Moody’s assigns Aaa to Moraine Park Technical College District, WI’s GO promissory notesGlobal Credit Research – 25 Aug 2022New York, August 25, 2022 — Moody’s Investors Service has assigned a Aaa rating to Moraine Park Technical College District, WI’s $3.9 million General Obligation Promissory Notes, Series 2022-23A. Moody’s maintains a Aaa rating assigned to the college district’s outstanding general obligation unlimited tax (GOULT) bonds. Following the note sale, the district will have about $32.5 million in GOULT debt outstanding.RATINGS RATIONALEThe Aaa rating reflects the college district’s large and diverse tax base, above-average resident incomes, strong reserves, and manageable pension liabilities. The rating also considers the district’s limited revenue-raising flexibility and declining enrollment. The district’s low debt burden will increase materially if voters approve a November 2022 bond referendum to fund facility remodeling and improvements at the district’s Fond du Lac and West Bend Campuses and a new regional fire training facility.RATING OUTLOOKMoody’s does not typically assign outlooks to local governments with this amount of debt.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- Not applicableFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Decline in operating reserves or liquidity- Significant growth in the debt or pension burdenLEGAL SECURITYDebt service is supported by the district’s full faith and credit and pledge to levy unlimited ad valorem property taxesUSE OF PROCEEDSThe Series 2022-23A promissory notes will fund building remodeling and purchase of movable equipment.PROFILEMoraine Park Technical College District offers more than 116 programs, certificates and apprenticeships at its campuses in the cities of Beaver Dam (A1), Fond du Lac, and West Bend (Aa3). The district’s population is estimated at roughly 308,000 residents and full-time equivalent enrollment for school year 2021-22 was about 2,100 students.METHODOLOGYThe principal methodology used in this rating was US Local Government General Obligation Debt published in January 2021 and available at https://ratings.moodys.com/api/rmc-documents/70015. Alternatively, please see the Rating Methodologies page on https://ratings.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. 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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. 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