Cobb County School District Short Term Credit Rating

SHORT TERM CREDIT RATING INFORMATION

Moody’s Investor’s Service (“Moody’s”) reviewed the business fundamentals and financial condition of the Cobb County School District and on December 15, 2017, assigned a MIG 1 (Municipal Investment Grade) Short Term Credit Rating to the Cobb County School District. This is the highest short term credit rating.

This rating is the highest short term credit rating available for a government entity. This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MOODY’S RATING TIER DEFINITIONS

Category Category Description

MIG 1

Municipal Investment Grade 1 – Highest Rating
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support, or demonstrated broad-based access to the market for refinancing.

MIG 2

Municipal Investment Grade 2
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group.

MIG 3

Municipal Investment Grade 3
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access for refinancing is likely to be less well-established.

MIG 4

Speculative Grade
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection.

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