Rating Action: Moody's confirms Crawford County Career & Technical Center, PA's revenue rating of A2 and assigns A2 issuer ratingGlobal Credit Research - 31 Mar 2021New York, March 31, 2021 -- Moody's Investors Service has assigned an A2 issuer rating to Crawford County Career and Technical Center, PA and concurrently confirmed the center's revenue rating at A2. The issuer rating reflects the Career & Technical Center's ability to repay debt and debt-like obligations without consideration of any pledge, security, or structural features.This action concludes a review initiated on January 26, 2021 in conjunction with the release of the US K-12 Public School Districts methodology. The center has $10.6 million in Moody's rated debt.Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907050307 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.RATINGS RATIONALEThe A2 issuer rating reflects the Career & Technical Center's satisfactory reserves and healthy liquidity position, stable enrollment and strong demand for programmatic offerings as demonstrated by waiting lists for many programs offered. Additionally, the rating incorporates the below-average resident incomes and manageable leverage and fixed costs.The absence of distinction between the issuer and revenue ratings reflects Crawford County Career and Technical Center's non-contingent general promise to pay its debt service in the form of sublease rental payments.RATING OUTLOOKOutlooks are typically not assigned to local government issuers with this amount of debt outstanding.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS- Significant and sustained increase in reserve levels- Material improvement in resident wealth and incomes- Moderation of leverage profileFACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS- Weakened enrollment trend- Significant deterioration in reserves and liquidity- Material increase in leverage and fixed costsLEGAL SECURITYThe CTC's debt is ultimately secured by the revenue that it receives from participant school districts. The CTC is the sub-lessor of the facility from the Pennsylvania State Public School Building Authority (SPSBA), which is the lessor of the facility from the CTC.Debt service - in the form of sublease rental payments - is paid to the trustee, as assigned by the SPSBA. The participant school districts are obligated to pay allocable shares of any rentals payable by the CTC, including the sublease rentals. That said, the obligation to make such payments is not a statutory or constitutional debt obligation of the participating school districts, and the taxing power of the participating school districts are not specifically pledged therefor.PROFILECrawford County Career and Technical Center is an Area Vocational Technical School created pursuant to the provisions of the Pennsylvania School Code of 1949 for the purpose of providing vocational, technical and career education to the students in its participating districts (Crawford Central School District, Penncrest School District and Conneaut School District). The CTC enrolls approximately 500.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 DISCLOSURESThe List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM907050307 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:- Rating Solicitation- Issuer Participation- Participation: Access to Management- Participation: Access to Internal Documents- Disclosure to Rated Entity- EndorsementFor 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. 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