Moody’s Assigns MIG 1 to Oak Creek, WI’s $5.8M GO Notes, Ser. 2016AShare This +
Moody's Investors Service has assigned a MIG1 rating to the City of Oak Creek, WI's $5.8 million Taxable General Obligation Promissory Notes, Series 2016A. Concurrently, Moody's has affirmed the Aa2 rating on the city's general obligation (GO) debt. Post-sale, the city will have $93.4 million in GO debt outstanding.
The MIG 1 rating reflects the expected market access for takeout refinancing, adequate management of refinancing planning for contingencies in case of unforeseen market disruption, and the city's long term credit characteristics. Affirmation of the Aa2 GO rating reflects the city's sizeable tax base adjacent to the City of Milwaukee (Aa3 stable); above average wealth indices, stable financial operations resulting in maintenance of solid reserves, an above average debt burden with a large amount of debt subject to refinancing risk, and modest unfunded pension liabilities.