New York, November 19, 2012 --

Moody's Rating

Issue: Lease Revenue Refunding Bonds, Series 2012A; Rating: A1; Sale Amount: $11,720,000; Expected Sale Date: 11/29/2012; Rating Description: Lease Rental Appropriation

Issue: Taxable Lease Revenue Refunding Bonds, Series 2012B; Rating: A1; Sale Amount: $3,155,000; Expected Sale Date: 11/29/2012; Rating Description: Lease Rental Appropriation

Opinion

Moody's Investors Service has assigned an initial A1 rating to the Washington County/St. George Interlocal Agency, Utah's Lease Revenue Refunding Bonds, Series 2012A and Taxable Lease Revenue Refunding Bonds, Series 2012B. The bonds are secured by a pledge of annual lease payments from Washington County to the agency under an annually terminable lease agreement. The Series 2012A bonds will refund existing variable rate debt in order to provide payment certainty going forward and Series 2012B proceeds will go towards paying the costs associated with terminating the swap associated with the variable rate debt being refunded.

SUMMARY RATINGS RATIONALE

Assignment of the initial A1 rating reflects the annual appropriation of lease payments from Washington County to the agency and the County's general credit characteristics as a Aa2 rated UTGO issuer including a sizeable tax base recovering from a severely weakened housing industry, stable general fund reserves, and manageable debt profile. The A1 rating is notched twice off the County's Aa2 general obligation rating, reflecting the risk of non-appropriation and the less essential nature of the pledged assets.

STRENGTHS - Moderately-sized tax base - Adequate financial operations featuring improving reserve levels

CHALLENGES

- Somewhat low full value per capita

- Recent tax base declines, which are nonetheless expected to abate in the near-term

WHAT COULD MOVE THE RATING-UP -Enhanced legal security - Significant improvement in the County's credit quality

WHAT COULD MOVE THE RATING-DOWN

- Protracted decline in the regional economy

- Significant deterioration in the County's financial position

-Indications of unwillingness or inability to budget for the annual appropriation on the lease payments

The principal methodology used in this rating was The Fundamentals of Credit Analysis for Lease-Backed Municipal Obligations published in December 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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