Ranking Motion: Moody’s assigns MIG 1 to Massachusetts’ Steamship Bond Anticipation NotesGlobal Credit score Analysis – 01 Sep 2022New York, September 01, 2022 — Moody’s Buyers Service has assigned a MIG 1 ranking to the Woods Gap, Martha’s Winery and Nantucket Steamship Authority, MA’s (the authority) $33 million Steamship Bond Anticipation Notes. Following the word sale, the authority can have $98.9 million in excellent debt, together with $65.9 million in long run bonds, that are charge Aa1.RATINGS RATIONALEThe MIG 1 ranking displays robust market entry to repay notes with a long-term financing or with refunding notes previous to maturity, which is predicated on the total religion and credit score backing of the Commonwealth of Massachusetts (Aa1 secure). Ought to the authority have inadequate funds readily available to pay debt service, it’s statutorily required to certify to the state treasurer the quantity required to pay principal and curiosity due and the commonwealth is required to pay that quantity. Absent this want, debt service is anticipated to be paid with revenues generated by the authority.The commonwealth’s Aa1 ranking displays its strong financial base, pushed by social components corresponding to a extremely educated workforce and excessive revenue ranges, that assist an elevated long-term legal responsibility burden. The commonwealth’s reliance on economically delicate revenues is balanced by its various financial base. Robust governance practices are mirrored in continued secure monetary efficiency.RATING OUTLOOKRating outlooks usually are not relevant to short-term rankings.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING- N/AFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING- Multi-notch downgrade of the issuer ranking of the Commonwealth of MassachusettsLEGAL SECURITYThe notes are supposed to be repaid with the proceeds of bonds or refunding notes. The commonwealth of Massachusetts will cowl debt service to the extent revenues are inadequate, or on this case, within the occasion there’s a market disruption or different such occasion that causes a delay in refunding the notes right into a long-term everlasting financing.The steamship authority pays debt service on long run bonds with revenues derived from operation of the steamship services, together with passenger and car ferry service from Cape Cod to Nantucket and Martha’s Winery islands. If authority revenues are inadequate to pay debt service or absolutely fund required reserves, the authority is statutorily required to certify to the state treasurer the quantity required to pay principal and curiosity due, and the commonwealth is required to pay that quantity.If the commonwealth is known as on to make a debt service fee, the statute requires the quantity of it to be assessed on the cities of Barnstable, Falmouth and Nantucket (Aaa secure) and town of New Bedford (A1 secure) and the county of Dukes County to be able to recuperate its prices. Nonetheless, the commonwealth’s obligation to make fee for debt service just isn’t contingent on the profitable levy or assortment of assessments. No such assessments have been required nor has the commonwealth been known as upon to make funds since 1962.USE OF PROCEEDSProceeds of the notes can be used to buy and modify as much as 4 ferry vessels for use by the authority.PROFILEThe Commonwealth of Massachusetts is the fifteenth largest state by inhabitants, with about 7 million residents as of the 2022 census. Its 2022 gross home product, reaching $637 billion, ranks twelfth among the many states. Per capita revenue was 130% of the nationwide common in 2022, highest within the US.The steamship authority was created in 1960 and supplies entry to the islands offshore from Cape Cod. The authority’s space of operations is outlined by tourism, and the majority of its revenues are earned in the course of the summer season months. The authority’s enabling laws permits the authority to have as much as $100 million of bonds excellent at any time.METHODOLOGYThe principal methodology used on this ranking was Brief-term Debt of US States, Municipalities and Nonprofits Methodology revealed in July 2020 and accessible at https://rankings.moodys.com/api/rmc-documents/67339. Alternatively, please see the Ranking Methodologies web page on https://rankings.moodys.com for a duplicate of this technique.REGULATORY DISCLOSURESFor additional specification of Moody’s key ranking assumptions and sensitivity evaluation, see the sections Methodology Assumptions and Sensitivity to Assumptions within the disclosure kind. Moody’s Ranking Symbols and Definitions could be discovered on https://rankings.moodys.com/rating-definitions.For rankings issued on a program, sequence, class/class of debt or safety this announcement supplies sure regulatory disclosures in relation to every ranking of a subsequently issued bond or word of the identical sequence, class/class of debt, safety or pursuant to a program for which the rankings are derived solely from present rankings in accordance with Moody’s ranking practices. For rankings issued on a assist supplier, this announcement supplies sure regulatory disclosures in relation to the credit standing motion on the assist supplier and in relation to every explicit credit standing motion for securities that derive their credit score rankings from the assist supplier’s credit standing. For provisional rankings, this announcement supplies sure regulatory disclosures in relation to the provisional ranking assigned, and in relation to a definitive ranking which may be assigned subsequent to the ultimate issuance of the debt, in every case the place the transaction construction and phrases haven’t modified previous to the task of the definitive ranking in a way that may have affected the ranking. For additional data please see the issuer/deal web page for the respective issuer on https://rankings.moodys.com.The ranking has been disclosed to the rated entity or its designated agent(s) and issued with no modification ensuing from that disclosure.This ranking is solicited. Please consult with Moody’s Coverage for Designating and Assigning Unsolicited Credit score Scores accessible on its web site https://rankings.moodys.com.Regulatory disclosures contained on this press launch apply to the credit standing and, if relevant, the associated ranking outlook or ranking evaluation.Moody’s normal ideas for assessing environmental, social and governance (ESG) dangers in our credit score evaluation could be discovered at https://rankings.moodys.com/paperwork/PBC_1288235.The International Scale Credit score Ranking on this Credit score Ranking Announcement was issued by one among Moody’s associates outdoors the EU and is endorsed by Moody’s Deutschland GmbH, An der Welle 5, Frankfurt am Essential 60322, Germany, in accordance with Artwork.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit score Ranking Companies. Additional data on the EU endorsement standing and on the Moody’s workplace that issued the credit standing is accessible on https://rankings.moodys.com.The International Scale Credit score Ranking on this Credit score Ranking Announcement was issued by one among Moody’s associates outdoors the UK and is endorsed by Moody’s Buyers Service Restricted, One Canada Sq., Canary Wharf, London E14 5FA underneath the regulation relevant to credit standing businesses within the UK. Additional data on the UK endorsement standing and on the Moody’s workplace that issued the credit standing is accessible on https://rankings.moodys.com.Please see https://rankings.moodys.com for any updates on adjustments to the lead ranking analyst and to the Moody’s authorized entity that has issued the ranking.Please see the issuer/deal web page on https://rankings.moodys.com for added regulatory disclosures for every credit standing. Denise Rappmund Lead Analyst State Scores Moody’s Buyers Service, Inc. 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