Fitch Rates Nassau County, NY's GO Bonds and Bond Anticipation Notes
NEW YORK--(BUSINESS WIRE)--Fitch Ratings assigns the following ratings to Nassau County, NY (the
county):
--$32,300,000 general improvement bonds, 2015 series A 'A';
--$54,600,000 bond anticipation notes (BANs), 2015 series A and 2015 series B 'F-1'.
The bonds are expected to be sold through competition and the BANs through negotiation on Jan. 21.
The bonds are being issued to fund various public purposes, including capital projects and judgments and settlements.
The BANs are being issued to renew a portion of the county's 2014 series A BANs dated June 18, 2014 maturing Feb. 2, 2015, issued to finance various costs related to Superstorm Sandy damage.
In addition, Fitch affirms the following ratings:
--Approximately $1.6 billion in outstanding general obligation (GO) bonds at 'A';
--Approximately $243 million in outstanding Nassau Health Care Corporation (NCHCC) county-guaranteed bonds at 'A';
--Approximately $13.1 million in outstanding Nassau Regional Off-Track Betting Corporation (NROTBC) revenue bonds series 2005 at 'A-'.
The Rating Outlook on the bonds is Stable.
SECURITY
The GO bonds, BANs and NCHCC bonds carry the county's faith and credit and taxing power, subject to a 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (tax cap law). This limit can be overridden annually by a 60% vote of the county legislature.
The NROTBC bonds are backed by the county's covenant under a support agreement with the NROTBC to make loans to NROTBC equal to debt service on the bonds from legally available funds of the county as appropriated for such purpose. The county commits to transfer funds to the trustee to pay debt service not later than 15 days prior to any debt service payment date. The obligations of the county under the support agreement are unconditional and irrevocable, and the support agreement is not subject to cancellation or termination.
KEY RATING DRIVERS
LIMITED FINANCIAL FLEXIBILITY: The primary driver of the 'A' rating is Fitch's expectation that the county's financial flexibility will remain limited, evidenced by weak reserves and a high dependence on economically sensitive sales tax revenues.
IMPROVED RELATIONSHIP WITH NIFA: An improved working relationship with the Nassau County Interim Finance Authority (NIFA) has led to the negotiation, approval and implementation of several important revenue enhancing and expenditure reduction initiatives. NIFA's power as an oversight board remains a credit positive, providing some limits to downside risk.
SHORT-TERM MARKET RELIANCE: Cash flow borrowing has declined, but the county continues to rely heavily on short-term market access for note repayment and operations.
STRONG ECONOMIC FUNDAMENTALS: The county maintains a diverse economic base and a population with high income levels.
MANAGEABLE LONG-TERM LIABILITIES: The sizable and wealthy tax base supports a manageable debt burden with above average amortization. Capital needs are moderate and state pension plans are well funded.
RATING SENSITIVITIES
CONTINUED MODEST PROGRESS: The 'A' rating and Stable Outlook incorporate Fitch's expectation that the county will continue to make modest progress in sustainable deficit reduction to maintain a stable, albeit tightly balanced, financial profile. The rating is sensitive to a shift in these fundamentals.
CREDIT PROFILE
The county is located on Long Island, approximately 15 miles east of Manhattan. The population of approximately 1.3 million has remained fairly steady, growing by 1.1% since 2000.
STRUCTURAL DEFICIT REDUCTION CONTINUES IN 2013
The last audited financial statements for the county are for year-end Dec. 31, 2013. The county recorded a budgetary surplus of $55 million. The GAAP basis operating surplus (after transfers) totaled $48.6 million for the five operating funds (general, police headquarters, police district, fire prevention and debt service). The 2013 budgetary basis structural deficit related to the primary operating funds was down for the fourth consecutive year to $96.6 million from $116.9 million in 2012.
2014 SHOULD BREAK EVEN DESPITE LOWER SALES TAX REVENUES
Management is projecting, before corrective actions, a combined deficit in the five operating funds after transfers totaling $30.1 million, less than 1% of spending. The county expects to yield a $2.5 million surplus after budget savings and one-time measures.
Sales tax revenues make up approximately 40% of major tax-supported fund revenues and outperformed budget for the past four years. 2014 sales tax revenues were weak but improved as the year progressed. First quarter revenues were down 15% from the prior year but improved to approximately 4.5% down through the third quarter. The county is estimating a shortfall for the year of $67.7 million in sales tax revenues; 5.8% below budget.
MANAGEMENT TO ADDRESS 2015 BUDGET GAP
The 2015 adopted budget of $2.98 billion ($1.8 billion general fund) is 6.4% above the 2014 adopted budget. The budget includes sales tax revenue growth of 4.4% based on reduced 2014 projections, which Fitch believes may be slightly aggressive. The budget includes new or increased recurring revenues led by a 3.4% increase ($31 million annually) in property taxes estimated to bring property taxes to 28% of total revenues. The minority caucus in the county legislature has commenced litigation to have the property tax hike declared void claiming certain alleged irregularities in the legislative process. Management considers the allegations to be completely without merit.
The county is now managing a $30 million gap for 2015 following the County Legislature's recent repeal of controversial school speed camera legislation. Management reports that it has numerous options to close the gap the largest being ending an annual $13 million subsidy to the Nassau Health Care Corporation. The county is also exploring other options, some of which require State approval. These include selling electronic billboard space on county roads, increasing the surcharge on 911 calls, and receiving revenue (currently goes to State) from tickets issued on all State highways in Nassau County.
OUT-YEAR GAPS REMAIN; SLOW DEFICIT REDUCTION EXPECTED
The county's NIFA-approved Multi-Year Financial Plan (2015-2018) projects budget gaps over the major operating funds of $18.3 million in 2016; $36.8 million in 2017, and $66.2 million in 2018 or 0.54%, 1.1%, 1.9% of spending, respectively.
Fitch believes the projected gaps are manageable relative to the size of the county's operating funds budget but remains skeptical about the county's ability to implement gap-closing measures which will result in breakeven operations. Some of the measures are of a non-recurring nature and may not be realistic given that one or more will require state legislation, action by the county legislature, or approval from NIFA. The 'A' rating and Stable Outlook largely reflects Fitch's expectation of a slow and steady reduction in the structural deficit and county and NIFA projections for manageable deficits going forward.
PROPERTY TAX REFUND REFORM
Fitch views as a credit positive the recently passed state legislation that structurally reforms property tax refunds. The creation of a Disputed Assessment Fund, effective for the 2017 tax roll, will be funded by commercial property owners who challenge their assessments, and will eliminate the county's need to borrow for future property tax refunds.
Fitch believes the resolution to property tax refund relieves the county of a substantial obstruction in its path towards long-term fiscal balance and liquidity improvement. The county issued $125 million of bonds in 2014, and the County Legislature has agreed to issue $60 million of bonds in each of the years 2015 through 2017 to reduce the $325 million accumulated tax refund liability. Such borrowings are subject to NIFA approval.
IMPROVED RELATIONSHIP WITH NIFA
Fitch believes NIFA's oversight has had some positive effects on the county's financial operations, such as instilling increased budgeting discipline. Fitch takes comfort that despite losing its wage freeze power through fiscal 2017 on settled contracts, NIFA provides an added layer of oversight and has line item veto power to assure budgetary balance.
Through an improved working relationship, several important initiatives have been successfully negotiated and approved including the creation of the Disputed Assessment Fund, new labor contracts with moderate increases and an agreement with United Water to manage the county's water and sewer facilities.
DECLINE IN CASH-FLOW BORROWING
The county generally issues short-term RANs and TANs around May/June and November/December of each year. Proceeds fund operations in anticipation of sales and property tax receipts and maintenance of cash balances sufficient to repay maturing notes.
Note par has declined over the past few years. Note borrowing in 2012 equaled $476 million or a somewhat elevated 16% of operating fund receipts ($20 million was to account for timing differences with respect to Superstorm Sandy). For 2013, borrowings totaled $433 million (14.1% of receipts) and note par for 2014 declined further to $398 million (13.2% of receipts). Projected note issuance for 2015 is $400 million but will be reevaluated and potentially downsized, depending on the timing of FEMA reimbursement.
Fitch notes the positive decline in cash flow borrowing but remains concerned about the county's dependence on short-term funding, particularly as the borrowings overlap each other requiring additional issuance to repay outstanding notes.
STRONG SOCIOECONOMIC CHARACTERISTICS
The county benefits from a broad, diverse economy and well above-average economic indicators, including $148,000 market value per capita and solid income levels with 2013 per capita income and medium household income at 151% and 184%, respectively, of the U.S.
The county's unemployment rate remains lower than the rates for New York State and the nation. For November 2014, the county's unemployment rate was 4.4% compared to 5.8% and 5.5% for the state and nation, respectively. The year-over-year decline in unemployment (from 5.1% in Nov. 2013) is attributable to the decline in the labor force (1.9%), outpacing the decline (1.2%) in employment.
INCREASING BUT MANAGEABLE DEBT LEVELS
The county's debt ratios continue to increase but are still manageable in relation to its wealthy tax base. Overall debt totals an above-average $4,396 per capita but a more moderate 2.9% of market value given the strong tax base. However, Fitch believes the statistics are understated as they exclude debt issued by school districts (not available).
Debt ratios should remain fairly stable given manageable capital needs and above-average amortization with 56% (including debt issued by the NIFA) retired in 10 years.
WELL-FUNDED STATE PENSION PLANS
The county participates in the well-funded New York State pension plans. At March 31, 2013, the state and local employees' plan and the state and local police and fire plan had funded ratios of 87% and 88%, respectively. Using Fitch's more conservative 7% discount rate assumption, the plans' funding levels would still be sound at an estimated 82% and 83%, respectively.
County pension payments in 2013 made up a moderate share (4%) of spending. The county has taken advantage of the ability granted by the state to amortize most of the increase in annual pension payments for 2012 and 2013 over 10 years and for 2014 over 12 years. This amortization option provides some near-term budget relief but will make future year budgeting for these payments more challenging.
The moderate pension liability is somewhat offset by a high unfunded actuarial accrued liability for other post-employment benefits (OPEB) at $4.6 billion as of Dec. 31, 2013 or 2.2% of market value.
Carrying costs for debt service, pension and OPEB pay-go equaled a high 21.6% of 2013 total governmental fund spending, with the county's amortization of part of the pension payment somewhat offsetting above-average debt repayment.
Additional information is available at 'www.fitchratings.com'.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, CoreLogic Case-ShillerIndex, IHS Global Insight, and National Association of Realtors.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 14, 2012);
--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012).
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=968715
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
--$32,300,000 general improvement bonds, 2015 series A 'A';
--$54,600,000 bond anticipation notes (BANs), 2015 series A and 2015 series B 'F-1'.
The bonds are expected to be sold through competition and the BANs through negotiation on Jan. 21.
The bonds are being issued to fund various public purposes, including capital projects and judgments and settlements.
The BANs are being issued to renew a portion of the county's 2014 series A BANs dated June 18, 2014 maturing Feb. 2, 2015, issued to finance various costs related to Superstorm Sandy damage.
In addition, Fitch affirms the following ratings:
--Approximately $1.6 billion in outstanding general obligation (GO) bonds at 'A';
--Approximately $243 million in outstanding Nassau Health Care Corporation (NCHCC) county-guaranteed bonds at 'A';
--Approximately $13.1 million in outstanding Nassau Regional Off-Track Betting Corporation (NROTBC) revenue bonds series 2005 at 'A-'.
The Rating Outlook on the bonds is Stable.
SECURITY
The GO bonds, BANs and NCHCC bonds carry the county's faith and credit and taxing power, subject to a 2011 state statute limiting property tax increases to the lesser of 2% or an inflation factor (tax cap law). This limit can be overridden annually by a 60% vote of the county legislature.
The NROTBC bonds are backed by the county's covenant under a support agreement with the NROTBC to make loans to NROTBC equal to debt service on the bonds from legally available funds of the county as appropriated for such purpose. The county commits to transfer funds to the trustee to pay debt service not later than 15 days prior to any debt service payment date. The obligations of the county under the support agreement are unconditional and irrevocable, and the support agreement is not subject to cancellation or termination.
KEY RATING DRIVERS
LIMITED FINANCIAL FLEXIBILITY: The primary driver of the 'A' rating is Fitch's expectation that the county's financial flexibility will remain limited, evidenced by weak reserves and a high dependence on economically sensitive sales tax revenues.
IMPROVED RELATIONSHIP WITH NIFA: An improved working relationship with the Nassau County Interim Finance Authority (NIFA) has led to the negotiation, approval and implementation of several important revenue enhancing and expenditure reduction initiatives. NIFA's power as an oversight board remains a credit positive, providing some limits to downside risk.
SHORT-TERM MARKET RELIANCE: Cash flow borrowing has declined, but the county continues to rely heavily on short-term market access for note repayment and operations.
STRONG ECONOMIC FUNDAMENTALS: The county maintains a diverse economic base and a population with high income levels.
MANAGEABLE LONG-TERM LIABILITIES: The sizable and wealthy tax base supports a manageable debt burden with above average amortization. Capital needs are moderate and state pension plans are well funded.
RATING SENSITIVITIES
CONTINUED MODEST PROGRESS: The 'A' rating and Stable Outlook incorporate Fitch's expectation that the county will continue to make modest progress in sustainable deficit reduction to maintain a stable, albeit tightly balanced, financial profile. The rating is sensitive to a shift in these fundamentals.
CREDIT PROFILE
The county is located on Long Island, approximately 15 miles east of Manhattan. The population of approximately 1.3 million has remained fairly steady, growing by 1.1% since 2000.
STRUCTURAL DEFICIT REDUCTION CONTINUES IN 2013
The last audited financial statements for the county are for year-end Dec. 31, 2013. The county recorded a budgetary surplus of $55 million. The GAAP basis operating surplus (after transfers) totaled $48.6 million for the five operating funds (general, police headquarters, police district, fire prevention and debt service). The 2013 budgetary basis structural deficit related to the primary operating funds was down for the fourth consecutive year to $96.6 million from $116.9 million in 2012.
2014 SHOULD BREAK EVEN DESPITE LOWER SALES TAX REVENUES
Management is projecting, before corrective actions, a combined deficit in the five operating funds after transfers totaling $30.1 million, less than 1% of spending. The county expects to yield a $2.5 million surplus after budget savings and one-time measures.
Sales tax revenues make up approximately 40% of major tax-supported fund revenues and outperformed budget for the past four years. 2014 sales tax revenues were weak but improved as the year progressed. First quarter revenues were down 15% from the prior year but improved to approximately 4.5% down through the third quarter. The county is estimating a shortfall for the year of $67.7 million in sales tax revenues; 5.8% below budget.
MANAGEMENT TO ADDRESS 2015 BUDGET GAP
The 2015 adopted budget of $2.98 billion ($1.8 billion general fund) is 6.4% above the 2014 adopted budget. The budget includes sales tax revenue growth of 4.4% based on reduced 2014 projections, which Fitch believes may be slightly aggressive. The budget includes new or increased recurring revenues led by a 3.4% increase ($31 million annually) in property taxes estimated to bring property taxes to 28% of total revenues. The minority caucus in the county legislature has commenced litigation to have the property tax hike declared void claiming certain alleged irregularities in the legislative process. Management considers the allegations to be completely without merit.
The county is now managing a $30 million gap for 2015 following the County Legislature's recent repeal of controversial school speed camera legislation. Management reports that it has numerous options to close the gap the largest being ending an annual $13 million subsidy to the Nassau Health Care Corporation. The county is also exploring other options, some of which require State approval. These include selling electronic billboard space on county roads, increasing the surcharge on 911 calls, and receiving revenue (currently goes to State) from tickets issued on all State highways in Nassau County.
OUT-YEAR GAPS REMAIN; SLOW DEFICIT REDUCTION EXPECTED
The county's NIFA-approved Multi-Year Financial Plan (2015-2018) projects budget gaps over the major operating funds of $18.3 million in 2016; $36.8 million in 2017, and $66.2 million in 2018 or 0.54%, 1.1%, 1.9% of spending, respectively.
Fitch believes the projected gaps are manageable relative to the size of the county's operating funds budget but remains skeptical about the county's ability to implement gap-closing measures which will result in breakeven operations. Some of the measures are of a non-recurring nature and may not be realistic given that one or more will require state legislation, action by the county legislature, or approval from NIFA. The 'A' rating and Stable Outlook largely reflects Fitch's expectation of a slow and steady reduction in the structural deficit and county and NIFA projections for manageable deficits going forward.
PROPERTY TAX REFUND REFORM
Fitch views as a credit positive the recently passed state legislation that structurally reforms property tax refunds. The creation of a Disputed Assessment Fund, effective for the 2017 tax roll, will be funded by commercial property owners who challenge their assessments, and will eliminate the county's need to borrow for future property tax refunds.
Fitch believes the resolution to property tax refund relieves the county of a substantial obstruction in its path towards long-term fiscal balance and liquidity improvement. The county issued $125 million of bonds in 2014, and the County Legislature has agreed to issue $60 million of bonds in each of the years 2015 through 2017 to reduce the $325 million accumulated tax refund liability. Such borrowings are subject to NIFA approval.
IMPROVED RELATIONSHIP WITH NIFA
Fitch believes NIFA's oversight has had some positive effects on the county's financial operations, such as instilling increased budgeting discipline. Fitch takes comfort that despite losing its wage freeze power through fiscal 2017 on settled contracts, NIFA provides an added layer of oversight and has line item veto power to assure budgetary balance.
Through an improved working relationship, several important initiatives have been successfully negotiated and approved including the creation of the Disputed Assessment Fund, new labor contracts with moderate increases and an agreement with United Water to manage the county's water and sewer facilities.
DECLINE IN CASH-FLOW BORROWING
The county generally issues short-term RANs and TANs around May/June and November/December of each year. Proceeds fund operations in anticipation of sales and property tax receipts and maintenance of cash balances sufficient to repay maturing notes.
Note par has declined over the past few years. Note borrowing in 2012 equaled $476 million or a somewhat elevated 16% of operating fund receipts ($20 million was to account for timing differences with respect to Superstorm Sandy). For 2013, borrowings totaled $433 million (14.1% of receipts) and note par for 2014 declined further to $398 million (13.2% of receipts). Projected note issuance for 2015 is $400 million but will be reevaluated and potentially downsized, depending on the timing of FEMA reimbursement.
Fitch notes the positive decline in cash flow borrowing but remains concerned about the county's dependence on short-term funding, particularly as the borrowings overlap each other requiring additional issuance to repay outstanding notes.
STRONG SOCIOECONOMIC CHARACTERISTICS
The county benefits from a broad, diverse economy and well above-average economic indicators, including $148,000 market value per capita and solid income levels with 2013 per capita income and medium household income at 151% and 184%, respectively, of the U.S.
The county's unemployment rate remains lower than the rates for New York State and the nation. For November 2014, the county's unemployment rate was 4.4% compared to 5.8% and 5.5% for the state and nation, respectively. The year-over-year decline in unemployment (from 5.1% in Nov. 2013) is attributable to the decline in the labor force (1.9%), outpacing the decline (1.2%) in employment.
INCREASING BUT MANAGEABLE DEBT LEVELS
The county's debt ratios continue to increase but are still manageable in relation to its wealthy tax base. Overall debt totals an above-average $4,396 per capita but a more moderate 2.9% of market value given the strong tax base. However, Fitch believes the statistics are understated as they exclude debt issued by school districts (not available).
Debt ratios should remain fairly stable given manageable capital needs and above-average amortization with 56% (including debt issued by the NIFA) retired in 10 years.
WELL-FUNDED STATE PENSION PLANS
The county participates in the well-funded New York State pension plans. At March 31, 2013, the state and local employees' plan and the state and local police and fire plan had funded ratios of 87% and 88%, respectively. Using Fitch's more conservative 7% discount rate assumption, the plans' funding levels would still be sound at an estimated 82% and 83%, respectively.
County pension payments in 2013 made up a moderate share (4%) of spending. The county has taken advantage of the ability granted by the state to amortize most of the increase in annual pension payments for 2012 and 2013 over 10 years and for 2014 over 12 years. This amortization option provides some near-term budget relief but will make future year budgeting for these payments more challenging.
The moderate pension liability is somewhat offset by a high unfunded actuarial accrued liability for other post-employment benefits (OPEB) at $4.6 billion as of Dec. 31, 2013 or 2.2% of market value.
Carrying costs for debt service, pension and OPEB pay-go equaled a high 21.6% of 2013 total governmental fund spending, with the county's amortization of part of the pension payment somewhat offsetting above-average debt repayment.
Additional information is available at 'www.fitchratings.com'.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, CoreLogic Case-ShillerIndex, IHS Global Insight, and National Association of Realtors.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 14, 2012);
--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012).
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=968715
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.
Contacts
Fitch RatingsPrimary Analyst
Karen Wagner
Director
+1-212-908-0230
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Amy R. Laskey
Managing Director
+1-212-908-0568
or
Committee Chairperson
Jessalynn Moro
Managing Director
+1-212-908-0608
or
Media Relations
Elizabeth Fogerty, +1 212-908-0526
New York
elizabeth.fogerty@fitchratings.com
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