Rating Action: Moody’s assigns Aaa to Waukesha County Area Technical College District, WI’s GO notesGlobal Credit Research – 31 Jan 2022New York, January 31, 2022 — Moody’s Investors Service has assigned a Aaa rating to Waukesha County Area Technical College District, WI’s $1.5 million General Obligation Promissory Notes, Series 2022A. We maintain the Aaa rating on the district’s outstanding general obligation unlimited tax (GOULT) debt. Following the sale, the district’s outstanding GOULT debt will total about $25.8 million.RATINGS RATIONALEThe Aaa rating reflects the district’s diverse local economy, large and growing tax base and above average resident income profile. Well-managed operations have led to strong reserves, moderate debt levels and manageable fixed costs. The rating also incorporates declining enrollment trends and limited revenue generating flexibility because of state imposed levy restrictions.RATING OUTLOOKMoody’s does not usually assign outlooks to local government credits 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-Material declines in operating fund reserves and liquidity-Enrollment declines that pressure financial operationsLEGAL SECURITYThe promissory notes are general obligations backed by the district’s full faith and credit supported by a dedicated property tax sufficient to pay debt service that the district is authorized to levy without limit as to rate or amount.USE OF PROCEEDSThe GO Promissory Notes, Series 2022A will be used for building remodeling and improvement projects.PROFILEWaukesha County Area Technical College District is one of sixteen technical colleges administered by the State of Wisconsin (Aa1 stable) and primarily serves Waukesha County (Aaa stable). The district has a main campus in the City of Pewaukee (Aa1) 20 miles west of the City of Milwaukee (A2 negative), and a smaller campus in the City of Waukesha (Aa2). The district provides career and technical education to approximately 3,200 full time students. The district’s population is just over 400,000.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. 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