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New York, November 25, 2019 -- Moody's Investors Service affirms the Aaa rating on city of Madison, WI's general obligation unlimited tax (GOULT) debt. Concurrently, we affirm the Aa2 rating on the city's outstanding Madison Community Development Authority, WI's (CDA) lease revenue bonds. The outlook has been revised to stable from negative.
The Aaa GOULT rating reflects the city's sizeable tax base which continues to expand given a strong, diverse economy with significant institutional presence. Also incorporated are the city's healthy operating reserves and liquidity, limited revenue raising flexibility, and high fixed costs.
The Aa2 lease revenue rating is notched twice from the city's GOULT rating, incorporating the risk of annual non-appropriation of lease payments and the less essential nature of the financed projects, which include a convention center and parking facility.
The stable outlook reflects our expectation of continued economic and financial stability due to long-standing government and higher education presences within the city, coupled with conservative fiscal management.