Moodys Ratings Presentation_12-16-2025.pdf

This document is a Moody's Ratings presentation related to the Massachusetts Clean Water Trust Series 28 Bonds request for rating. The presentation provides a comprehensive analysis of annual debt service projections across multiple states participating in leveraged and unleveraged water infrastructure financing programs. The document displays comparative data for states including Oklahoma, Iowa, South Dakota, Indiana, Massachusetts, Ohio, Minnesota, Kansas, Connecticut, Arizona, New York, and Rhode Island, among others, organized into three program categories: leveraged programs, all programs, and unleveraged programs. The presentation projects annual debt service figures in millions of dollars spanning from 2026 through 2056, providing a 30-year financial outlook for the bond series.

The document serves as a financial analysis tool for evaluating the debt service capacity and obligations associated with the Massachusetts Clean Water Trust Series 28 Bonds. By presenting comparative state-level data and multi-decade projections, the presentation enables stakeholders to assess the financial sustainability of the bond issuance and understand how Massachusetts debt service obligations compare to other state programs. The inclusion of both leveraged and unleveraged program categories provides context for different financing mechanisms available within state water infrastructure funding, with the specific debt service projections supporting the rating agencies' evaluation of credit quality and repayment capacity for the 2026 bond series.