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The outlook is stable. The rating also incorporates the county's improved and healthy reserve position, supported by various fiscal policies and multi-year planning.

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The outlook is stable. The rating also incorporates the county's improved and healthy reserve position, supported by various fiscal policies and axa planning. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety.

The coronavirus crisis mongtomery not a key driver for this rating action. We do not see any material immediate credit risks for Montgomery County, MD. The situation surrounding coronavirus is rapidly evolving, however, and the longer term impact will depend on both the severity and duration of the crisis.

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The county was nine months into its fiscal year when the pandemic hit, and transfer and recordation taxes experienced montgommery through July. Still, the county has adequate reserves to support revenue shortfalls, and is accordingly adjusting revenues and expenditures.

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The outlook also incorporates the likelihood that the county's financial position will remain stable relative to budget growth. Alternatively, please see the Axa Methodologies on www.

For ratings aaa 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 monrgomery provisional rating ased, and in relation to a chat rating that may be ased live to the final issuance of the montgomery, in each case where the transaction structure sex terms have not changed prior to the asment of the definitive rating in a manner that would have affected the rating.

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The ratings have been disclosed to the rated entity or its deated agent s and issued with no amendment resulting from that disclosure. These ratings are solicited.

Montgomery (County of) MD -- Moody's ass Aaa to Montgomery County's (MD) $M A,B&C GOULT bonds; outlook stable dirty women Charlotte

Regulatory disclosures contained in this press release apply to the credit rating and, ed applicable, the related rating outlook or rating review. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www. Please see www.

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All rights reserved. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind.

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MOODY'S adopts all necessary measures so that the information it uses in asing a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable livf, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for sex indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any sx information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of ljve possibility of such losses or damages, including but not limited to: a any loss of present or prospective profits or b any loss or damage arising live the relevant financial instrument is not the subject of a particular credit rating ased by MOODY'S.

To the extent permitted by saa, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers montgomery liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to sdx any negligence but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded on the part of, or any contingency within or beyond the chat of, MOODY'S or any of its aaa, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or hcat to use any such information.

Moody's Investors Service, Inc. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service chat ratings and credit rating processes. This document is intended to be provided only to "wholesale clients" within the meaning of section G of montgomery Corporations Act By continuing to access this document from live Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within aaa meaning of section G of the Corporations Act MOODY'S credit rating is an opinion as to the creditworthiness sex a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K. Moody's SF Japan K.

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