Rating Action: Moody's assigns Aa1 to Chippewa County, WI's GO notesGlobal Credit Research - 01 Sep 2022New York, September 01, 2022 -- Moody's Investors Service has assigned a Aa1 rating to Chippewa County, WI's $3 million General Obligation Promissory Notes. Moody's maintains the Aa1 rating on the county's outstanding general obligation unlimited tax (GOULT) debt. Following the issuance, the county will have about $11.5 million of GOULT debt outstanding.RATINGS RATIONALEThe Aa1 rating reflects the county's large and growing tax base located in west central Wisconsin (Aa1 stable), strong reserve levels and liquidity, low debt burden and modest pension liabilities. The rating also reflects the county's resident income levels that lag similarly rated peers, above average reliance on intergovernmental operating grants and limited revenue raising flexibility due to state-imposed levy limits.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- Improvement of resident income levels paired with significant expansion of the tax baseFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Deterioration of financial reserves and liquidity- Significant increase in the debt or pension burdenLEGAL SECURITYThe county's GOULT debt is backed by its full faith and credit pledge and the authority to levy a dedicated property tax unlimited as to rate and amount.USE OF PROCEEDSProceeds from the promissory notes will finance road construction and improvements.PROFILEChippewa County encompasses 1,025 square miles in west central Wisconsin (Aa1 stable) approximately 200 miles northwest of Madison (Aaa stable) and 100 miles east of the Twin Cities metropolitan area. The county provides municipal services to a population of about 65,000 residents.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. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. 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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