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Rating Action: Moody's assigns Issuer Ratings to 2,182 US Public K-12 School DistrictsGlobal Credit Research - 11 Feb 2021New York, February 11, 2021 -- Moody's Investors Service has today assigned Issuer Ratings and outlooks, as applicable, to 2,182 US K-12 public school districts in conjunction with the implementation of the new US K-12 Public School Districts Methodology published January 2021.These actions affect issuers with approximately $229 billion in debt. All remaining rated US K-12 public school districts will be assigned Issuer Ratings in the coming weeks. Issuer Ratings for the remainder of rated K-12 school districts either have already been assigned, or will be assigned in the coming weeks.There are four possible outlook scenarios: STA (stable); NEG (negative); POS (positive) or NOO (no outlook). "No outlook" is typically used for issuers with less than $250 million of rated debt.Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBM_PBM906979460 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and identifies each affected issuer.RATINGS RATIONALEThe new K-12 methodology is grounded in the assignment of an Issuer Rating reflecting each issuer's ability to repay debt and debt-like obligations without consideration of any pledge, security or structural feature. These initial Issuer Ratings align with the definition for Issuer Rating as outlined in Moody's Rating Symbols and Definitions, updated and published January 26, 2021.The analysis for the assignment of each Issuer Rating reflects an evaluation of the key elements of the credit analysis for K-12 school districts including the economy, finances, institutional framework and leverage together with other relevant considerations. Each Issuer Rating is now used as the starting point for determining the debt instrument ratings assigned within the K-12 methodology.FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS- Improvement in fundamental credit factors, including those related to economy, finances, institutional framework, or leverage.FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS- Declines in fundamental credit factors, including those related to economy, finances, institutional framework, or leverage.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_PBM906979460 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 - Endorsement - State For 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.The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.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. Naomi Richman Lead Analyst PF General Administration Moody's Investors Service, Inc. 7 World Trade Center 250 Greenwich Street New York 10007 US JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Gail Spector-Sussman Additional Contact PF General Administration 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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