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U.S. PUBLIC FINANCE

CREDIT OPINION30 August 2017

New Issue

Contacts

Heather Correia [email protected]

Thomas Jacobs 212-553-0131Senior Vice [email protected]

CLIENT SERVICES

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Rio Rancho Public School District 94(Sandoval County), NMNew Issue: Moody's assigns A2 UND/Aa2 ENH to Rio RanchoPSD, NM's GOs, Ser. 2017A/B; Outlook remains negative

Summary Rating RationaleMoody's Investors Service has assigned an A2 underlying rating to Rio Rancho PublicSchool District 94 (Sandoval County), NM's $15 million in General Obligation SchoolBuilding Bonds, Series 2017A and $11 million in General Obligation Refunding Bonds, Series2017B. Concurrently, we have affirmed the A2 rating on $94.7 million in outstanding parityobligations. The outlook is negative. Moody's has also assigned a Aa2 enhanced rating to theGeneral Obligation School Building Bonds, Series 2017A and General Obligation RefundingBonds, Series 2017B based on the New Mexico School District Enhancement Program(NMSDEP) - Post March 30, 2007.

The A2 underlying rating reflects the district’s limited financial position, with another drawon reserves reported in fiscal 2017 to offset mid-year state aid cuts. The rating furtherincorporates the district’s sizeable tax base in the Albuquerque metropolitan area, aboveaverage wealth indices, manageable debt burden with rapid principal payout, and elevatedpension burden which is typical of New Mexico school districts.

The Aa2 enhanced rating on the Series 2017A and Series 2017B General Obligation Bonds isbased on our assessment of the NMSDEP - Post March 30, 2007 and a review of the district'sproposed financing. For additional information on the program, please see Moody's reportdated May 4, 2008.

Credit Strengths

» Sizeable and stable tax base

» Manageable debt burden with rapid payout

Credit Challenges

» Narrow reserve position after consecutive annual deficits

» Elevated pension liability

Rating OutlookThe negative outlook reflects expected further use of reserves in fiscal 2017, albeit to alesser degree than expected. The district's fund balance and cash levels will likely remain

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limited over the near-term as management seeks to control expenditure growth and increase reserves.

Factors that Could Lead to an Upgrade (Removal of the Negative Outlook)

» Fiscal 2017 audited performance that matches projections

» Trend of positive operations, increasing reserves and fund balance

» Continued expansion of the tax base with corresponding increase in wealth levels

Factors that Could Lead to a Downgrade

» Further operating deficits that weaken financial flexibility

» Significant and sustained tax base contraction

» Significant increases in debt or pension burdens

Key Indicators

Exhibit 1

Rio Rancho Pub S.D. 94 (Sandoval) NM 2012 2013 2014 2015 2016

Economy/Tax Base

Total Full Value ($000) $ 6,518,886 $ 6,271,489 $ 6,265,798 $ 6,260,575 $ 6,322,550

Full Value Per Capita $ 73,651 $ 69,340 $ 69,277 $ 66,969 $ 67,632

Median Family Income (% of US Median) 106.6% 104.8% 104.8% 104.6% 104.6%

Finances

Operating Revenue ($000) $ 129,355 $ 137,705 $ 134,717 $ 141,313 $ 142,766

Fund Balance as a % of Revenues 20.5% 13.8% 14.9% 17.2% 17.1%

Cash Balance as a % of Revenues 29.2% 26.3% 25.3% 24.8% 26.3%

Debt/Pensions

Net Direct Debt ($000) $ 129,580 $ 124,070 $ 123,800 $ 124,205 $ 121,905

Net Direct Debt / Operating Revenues (x) 1.0x 0.9x 0.9x 0.9x 0.9x

Net Direct Debt / Full Value (%) 2.0% 2.0% 2.0% 2.0% 1.9%

Moody's - adjusted Net Pension Liability (3-yr average) to Revenues (x) 2.6x 2.8x 3.1x 2.9x 2.9x

Moody's - adjusted Net Pension Liability (3-yr average) to Full Value (%) 5.1% 6.1% 6.7% 6.5% 6.6%

Operating Fund balance includes both the General Fund and Debt Service FundSource: District's Audits; Moody's Investors Service

Recent DevelopmentsState funding to New Mexico school districts has been reduced twice during fiscal 2017. In October 2016, the State reduced stateaid by 1.5%. Then in February 2017, the State swept $46.1 million in district cash balances state-wide, effectively a 2% reduction instate aid. In May 2017, the Governor signed the fiscal 2018 budget that restores state funding of public eduction to the level originallybudgeted for 2017.

Detailed Rating Considerations - EnhancedMoody's has assigned an enhanced rating of Aa2 to the Series 2017A and Series 2017B General Obligation Bonds, equivalent to theNMSEP Post-March 30, 2007 programmatic rating. Ratings on individual intercept financings depend on the programmatic rating aswell as our evaluation of the sufficiency of interceptable revenues, the timing of the state's fiscal year relative to scheduled debt servicepayment dates and the transaction structure.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 30 August 2017 Rio Rancho Public School District 94 (Sandoval County), NM: New Issue: Moody's assigns A2 UND/Aa2 ENH to Rio Rancho PSD, NM's GOs, Ser. 2017A/B; Outlook remains negative


Based on the district's state equalization guarantee (SEG) funds for fiscal year 2016, interceptable state-aid provides an ampleminimum of 6.03 times coverage of maximum periodic debt service. Further, state revenues provide an adequate minimum 5.53times maximum periodic debt service coverage when coverage is stressed by deducting the state's final monthly state aid paymentwithin a fiscal year. State-aid funding levels for New Mexico school districts have been stable in recent years, but have been subjectto midyear cuts, as observed most recently in fiscal 2017. This weakness, however, is mitigated by ample debt service coverage even ifaid is curtailed over the course of the year. Principal payments are scheduled for August, early in the State's fiscal year providing for anaverage interval to mitigate the risk of late budgets. The program requires the appointment of a third-party fiscal agent, who is requiredto notify the state if an intercept of SEG is required. The Bank of Albuquerque is the fiscal agent for the current sale.

Detailed Rating Considerations - UnderlyingEconomy and Tax Base: Tax Base Continues to Modestly Expand, Benefiting from Proximity to AlbuquerqueThe district's tax base is on track to expand modestly over the next several years as development in the healthcare and retail sectorscontinues. Rio Rancho PSD is 17 miles north of Albuquerque (Aa1 stable), and benefits not only from proximity to the state's economichub, but institutional presence provided by University of New Mexico (A1 negative), Sandia National Labs and Kirtland Airforce Base.The district's fiscal 2017 assessed value (AV) is $2.16 billion, derived from a large full value (FV) of $6.5 billion. Fiscal 2018 preliminaryvalues indicate further expansion to $2.19 billion, derived from a FV of $6.6 billion. Residential values make up the vast majority of thetax base at 79%.

Over the next several years, the district expects the tax base to rebound, driven by expansion of Presbyterian Rust Medical, which hasgenerated both retail and housing construction in its immediate vicinity. Residential permits have increased from a low of 300 in 2011to 600 in 2016. Furthermore, housing values are up 14.4% since 2015. Additionally, in 2017 management reports several restaurantsmoved into the community, and manufacturing companies and call centers added over 500 employees.

The district's local economy is supported by above average income indices, with median family income of 104.6% per the 2015American Community Survey. The tax base is not concentrated in minerals or individual taxpayers. Sandoval County unemploymentlevels are elevated at 6.8% compared to the state's 6.7% and nation's 4.5%, as of June 2017.

Enrollment is stable overall. Fiscal 2017 enrollment of 16,945 showed a 0.37% increase over the prior year's. Management anticipatesmodest enrollment increases over the mid-term driven by residential development.

Financial Operations and Reserves: Limited Reserve Position; Fiscal 2017 Performance Better Than ExpectedThe district's financial position remains narrow, and will worsen slightly in fiscal 2017; however, the decline in reserves is reportedly lessthan expected. After two deficits in fiscal 2013 and fiscal 2014 that depleted fund balance, the district reported a $1.4 million surplusin fiscal 2015, increasing General Fund balance to $6.7 million, or a still narrow, but improved, 5.4% of revenues. However, in fiscal2016, the district reported a deficit of $1.2 million, which is larger than expected per our November 2016 report, reducing General Fundbalance to $5.5 million, or 4.4% of revenues.

Unaudited fiscal 2017 results indicate General Fund balance declined by $1.2 million to $4.3 million, or 3.6% of unaudited revenues.In April, the district expected to utilize a majority of fund balance to offset state aid cuts of $4.3 million. However, management wasable to close the gap by freezing spending in March and receiving $800,000 in additional revenues from federal and local sources.Additionally, the district's payroll liability was less than anticipated; the balance was not adjusted throughout the year to reflect staffresignations and/or retirements.

The district's fiscal 2018 budget reflects reduction of cash reserves by $1 million which will be transferred to an emergency reserveoutside the operating funds. Expenditures for fiscal 2018 were adjusted downward, to $126.9 million from $127.4 million in 2017,reflective of position elimination and increased class sizes. In addition, the district budgeted for a full staff, and does expect to realizevacancy savings. The district considers the budget conservative and expects favorable variances to result in an increase to financialreserves over the course of the year. Future reviews will focus on management's ability to rebuild reserves to levels comparable topeers.


https://www.moodys.com/credit-ratings/Albuquerque-City-of-NM-credit-rating-21015

https://www.moodys.com/credit-ratings/University-of-New-Mexico-NM-credit-rating-600025483

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1047987

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1066787


LIQUIDITYFiscal 2016 year-end General Fund cash was $18.3 million, or an adequate 14.6% of revenues. Moody's notes this balance reflects $15.0million in accrued payroll liabilities and another $2.5 million in receivables, thus, true liquid assets is more in line with reported GeneralFund balance.

Debt and Pensions: Manageable Debt Burden with Rapid Principal Payout; Elevated Pension LiabilityThe district's debt profile will likely remain manageable over the mid-term, despite future borrowing, given rapid principal amortization.At 1.8% of fiscal 2018 FV, the district's debt burden is in line with state and national medians. Principal amortization is above averagewith 98.4% retired in ten years. After selling the Series 2017A bonds, the district will have $30 million remaining in 2016 authorization.The district plans to issue $15 million in 2018 and 2019, before returning to voters again in 2020. Of note, the district’s two mill levy(SB9) expires in 2018. The district plans to seek reauthorization at that time.

Officials explain that current facilities are at or over capacity. While the district has used bond proceeds to purchase land to build newschools, the current financial position will not support operational start-up costs. Officials had proposed setting aside $1.2 millionover a three-year period to address future costs; however, given the uncertainty regarding state aid going forward, the district maybe challenged to achieve that target. Future credit reviews will focus on the district’s ability to address enrollment needs withoutcompromising the already limited financial position.

DEBT STRUCTUREAll the district's debt is fixed rate, and is scheduled to be fully paid by fiscal 2029.

DEBT-RELATED DERIVATIVESThe district is not party to any interest rate swaps or other derivative agreements.

PENSIONS AND OPEBThe district has an above-average employee pension burden, based on unfunded liabilities for its share of the Educational RetirementBoard (ERB), a cost sharing plan administered by the state. Moody's fiscal 2016 adjusted net pension liability (ANPL) for the district,under our methodology for adjusting reported pension data, is $442.8 million, or an elevated 3.10 times operating revenues. The three-year average of the district's ANPL to operating revenues is 2.93 times, while the three-year average of ANPL to full value is high at6.62%.

The district's ANPL has fluctuated over the last several years. In fiscal 2015, pension contributions of $11.6 million were below Moody’s“tread water” value of $14.6 million, a credit negative. The “tread water” indicator measures the annual contributions required toprevent the reported net pension liability from increasing, under reported assumptions. The district’s fixed costs, including debtservice, pensions contributions and OPEB contributions, totaled a somewhat elevated 22.1% of operating revenues, further limiting thedistrict's financial flexibility.

The New Mexico pension plan funding structure experienced several changes with the signing of SB 115, including the reduction of acost-of-living adjustment (COLA) and increases in employee contributions. The legislation will maintain the funding changes until theplan has reached 100% funding, which is estimated to be achieved in 2043. We believe the funding changes adopted in SB 115 willlimit budgetary pressure on the district related to future pension costs.

Moody's ANPL reflects certain adjustments we make to improve comparability of reported pension liabilities. The adjustments arenot intended to replace the district’s reported liability information, but to improve comparability with other rated entities. For moreinformation on Moody's insights on employee pensions and the related credit impact on companies, government, and other entitiesacross the globe, please visit Moody's on Pensions at www.moodys.com/pensions.

Management and GovernanceThe current management team is stable, and has been in place for over 20 years.

New Mexico School Districts have an Institutional Framework score of A, which is moderate compared to the nation. InstitutionalFramework scores measure a sector's legal ability to increase revenues and decrease expenditures. The sector's major revenue source,state aid or SEG, is subject to a cap, which cannot be overriden (in that, the State determines annual appropriations based primarilyon student enrollment). Reliance on state funding limits revenue-raising ability; school districts do not collect property taxes for



operation. Unpredictable revenue fluctuations tend to be moderate, or between 5-10% annually. Across the sector, fixed and mandatedcosts are generally less than 25% of expenditures. However, New Mexico has public sector unions, which can limit the ability to cutexpenditures. Unpredictable expenditure fluctuations tend to be moderate, between 5-10% annually.

Legal SecurityThe bonds are secured by ad valorem taxes that are levied against all taxable property within the district without limitation as to therate or amount.

Use of ProceedsProceeds from the Series 2017A bonds will be used to acquire land, IT and security equipment, as well as construct new preschool andelementary school buildings. Proceeds from the Series 2017B bonds will be used to refund Series 2009B bonds for net present valuesavings of approximately $414,000.

Obligor ProfileServing the City of Rio Rancho (Aa2) and the surrounding community, the district manages 19 schools and serves approximately 17,000students.

MethodologyThe principal methodology used in the underlying rating was US Local Government General Obligation Debt published in December2016. The principal methodology used in the enhanced rating was State Aid Intercept Programs and Financings: Pre and Post Defaultpublished in July 2013. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.

Ratings

Exhibit 2

Rio Rancho Pub S.D. 94 (Sandoval) NMIssue RatingGeneral Obligation School Building Bonds, Series2017A

A2

Rating Type Underlying LTSale Amount $15,000,000Expected Sale Date 09/14/2017Rating Description General Obligation

General Obligation School Building Bonds, Series2017A

Aa2

Rating Type Enhanced LTSale Amount $15,000,000Expected Sale Date 09/14/2017Rating Description General Obligation

General Obligation Refunding Bonds, Series2017B

A2

Rating Type Underlying LTSale Amount $11,000,000Expected Sale Date 09/14/2017Rating Description General Obligation

General Obligation Refunding Bonds, Series2017B

Aa2

Rating Type Enhanced LTSale Amount $11,000,000Expected Sale Date 09/14/2017Rating Description General Obligation

Source: Moody's Investors Service


https://www.moodys.com/credit-ratings/Rio-Rancho-City-of-NM-credit-rating-600028205


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