New York, December 05, 2012 --

Moody's Ratings

Issue: General Obligation Promissory Notes; Rating: Aaa; Sale Amount; $1,075,000; Expected Sale Date: 12/10/2012; Rating Description: General Obligation

Issue: General Obligation Bonds; Rating: Aaa; Sale Amount: $10,750,000; Expected Sale Date: 12/10/2012; Rating Description: General Obligation

Issue: Taxable General Obligation Airport Bonds; Rating: Aaa; Sale Amount: $3,235,000; Expected Sale Date: 12/10/2012; Rating Description: General Obligation

Opinion

Moody's Investors Service has assigned a Aaa rating to Outagamie County's (WI) $1.1 million General Obligation Promissory Notes, $10.8 million General Obligation Bonds, and $3.2 million Taxable General Obligation Airport Bonds. Concurrently, Moody's has affirmed the Aaa rating on the county's outstanding general obligation debt. Post-sale, the county will have $51.7 million of outstanding general obligation debt.

SUMMARY RATING RATIONALE

Debt service on the notes and bonds is secured by the county's general obligation unlimited tax pledge. Proceeds of the notes will finance the acquisition of a compactor for the county's solid waste facility. While debt service is secured by the county's general obligation unlimited tax pledge, debt service is expected to be paid from landfill user fees. Proceeds of the Airport Bonds will finance the construction of a hangar and general aviation facility at the Outagamie County Regional Airport and proceeds of the bonds will finance a project to upgrade the county sheriff's communication system and to retrofit the county administration building with new plumbing, wiring, and a new HVAC system. Assignment and affirmation of the Aaa rating reflects the county's sizeable tax base which serves as a regional commercial and retail center, well-managed financial operations supported by healthy reserves, and an average debt burden.

STRENGTHS

- Sizeable tax base with average resident income indices

- History of prudent financial management has led to the presence of healthy reserves

CHALLENGES

- Equalized valuation declines in 2011 and 2012; declines may continue

- Exposure to potential reduction in state revenue related to mandated service in the county's Health and Human Services Fund

WHAT COULD MOVE THE RATING DOWN

- Substantial increase in delinquent property taxes that leads to the deterioration of the county's reserves and liquidity

- Deterioration of the county's tax base and weakening of the county's resident income profile

PRINCIPAL METHODOLOGY USED

The principal methodology used in this rating General Obligation Bonds Issued by U.S. Local Governments published in October 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt 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 rating action on the support provider and in relation to each particular 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.

Please see the credit ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

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Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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Kathryn Gregory Associate Analyst Public Finance Group Moody'sInvestors Service, Inc.100 N Riverside Plaza Suite 2220 Chicago, IL 60606 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Tatiana Killen Analyst Public Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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