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Irvine USD School Facilities Improv. Dist. 1, CA — Moody’s assigns Aa2 issuer rating to Irvine USD (CA), confirms Aa1 and assigns Aa1 to Irvine USD SFID No.1’s (CA) GOs

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Rating Action: Moody’s assigns Aa2 issuer rating to Irvine USD (CA), confirms Aa1 and assigns Aa1 to Irvine USD SFID No.1’s (CA) GOsGlobal Credit Research – 15 Mar 2021New York, March 15, 2021 — Moody’s Investors Service has assigned a Aa2 issuer rating to Irvine Unified School District, CA. The issuer rating reflects the district’s credit quality and ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features. Concurrently, Moody’s has a assigned a Aa1 rating to bonds of the Irvine Unified School District School Facilities Improvement District No. 1’s $45.0 million General Obligation Bonds, 2016 Election, Series 2021C. Moody’s also confirmed the Aa1 ratings on the School Facilities Improvement District No.1’s (SFID No.1) outstanding parity debt, affecting $118.3 million. These actions conclude a review for direction uncertain initiated on January 26, 2021 in conjunction with the release of the US K-12 Public School Districts Methodology.RATINGS RATIONALEThe Aa2 issuer rating reflects the district’s strong resident income and assessed value per capita as well as its growing enrollment. The rating also incorporates the district’s sound and stable financial position supported by management’s conservative budgeting practices. The district’s above-average leverage but low fixed costs are also factored into the rating.The Aa1 rating on SFID No. 1 general obligation unlimited tax (GOULT) bonds is one notch higher than the district’s issuer rating. The one notch distinction reflects California school district GO bond security features that include the physical separation through a “lockbox” for pledged property tax collections and a security interest created by statute. The rating also factors SFID No. 1’s large tax base that encompasses about 50% of the district’s overall assessed value.RATING OUTLOOKOutlooks are not typically assigned to local governments with this amount of debt outstanding.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS- Sizable and sustained increases in reserves and liquidity- Significant reduction in leverage and fixed costsFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS- Significant decline in reserves and liquidity- Material increase in leverage and fixed costsLEGAL SECURITYThe general obligation bonds are secured by an unlimited property tax pledge of all taxable property within the SFID No. 1’s boundary. The portion of the district’s ad valorem property tax levy restricted for debt service is collected, held and transferred directly to the paying agent by Orange County (Aa1 stable) on behalf of the district.USE OF PROCEEDSThe proceeds will finance the renovation, acquisition, construction, repair and equipping of classrooms, schools, sites and facilities in SFID No.1.PROFILEThe Irvine Unified School District spans 62 square miles in central Orange County and serves its namesake city, and a small portion of Tustin. The district operates 40 schools and fiscal 2021 enrollment is projected at 35,679 students.METHODOLOGYThe principal methodology used in these ratings was US K-12 Public School Districts Methodology published in January 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBM_1202421. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.REGULATORY DISCLOSURESFor further specification of Moody’s key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody’s Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider’s credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody’s legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Alexandra Cimmiyotti Lead Analyst Regional PFG West Moody’s Investors Service, Inc. 405 Howard Street Suite 300 San Francisco 94105 US JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 William Oh Additional Contact Regional PFG West JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody’s Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. 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