July 19-Reuters News Service -Moody's affirms A2 rating on The Economic Development Authority of Patrick County's (VA) lease revenue bonds. Moody's has also affirmed the A1 issuer rating on Patrick County.

Source: http://www.reuters.com/article/2012/07/18/markets-ratings-economicdevelopmentautho-idUSL4E8II66D20120718 Source for the following: http://www.finanzen.net/nachricht/anleihen/Patrick-County-of-VA-Moody-s-affirms-A2-rating-on-The-Economic-Development-Authority-of-Patrick-County-s-VA-lease-revenue-bonds-1959272 www.finanzen.net A2 rating applies to $24.1 million of outstanding debt New York, July 18, 2012 -- Moody's Investors Service has affirmed the A2 rating on The Economic Authority of Patrick County's (VA) $24.1 million of outstanding lease revenue debt. Concurrently, Moody's has affirmed the A1 issuer rating on Patrick County. The bonds are secured by lease rental payments made by Patrick County that are subject to annual appropriation. SUMMARY RATINGS RATIONALE The A2 rating incorporates the county's moderately-sized tax base with below average wealth levels, trend of satisfactory financial operation and manageable debt levels. Also reflected in the rating is the essential nature of the school projects financed. STRENGTHS - Solid financial position expected to remain steady in the near future - Moderately-sized tax base that has experienced recent growth CHALLENGES Below-average socio-economic profile Above-average debt burden