New York, December 05, 2012 --

Moody's Rating

Issue: General Obligation Refunding Bonds, Series 2013; Rating: Aa1; Sale Amount: $3,685,000; Expected Sale Date: 12/18/2012; Rating Description: General Obligation

Issue: Lease Participation Certificates, Series 2013; Rating: Aa2; Sale Amount: $1,265,000; Expected Sale Date: 12/18/2012; Rating Description: Lease Rental: Appropriation

Opinion

Moody's Investors Service has assigned a Aa1 rating to Lindbergh School District's (MO) $3.69 million General Obligation Refunding Bonds, Series 2013 and a Aa2 rating to the district's $1.27 million Lease Participation Certificates, Series 2013. Concurrently, Moody's has affirmed the Aa1 rating on the district's general obligation debt, affecting $88.5 million of post-sale debt. We have also affirmed the Aa2 rating on the district's lease revenue obligations, affecting $3.6 million of post-sale debt.

SUMMARY RATINGS RATIONALE

The Series 2013 bonds are secured by the district's general obligation unlimited tax pledge and proceeds will refund a portion of the district's Series 2004 bonds for expected interest rate savings. The Series 2013 certificates are secured by lease payments made by the district, subject to annual appropriation. Payments are payable from all lawfully available funds. Proceeds of the certificates will be used to reimburse the district for costs associated with the purchase of a parcel of land, which will be used for parking space, the redesigning of automobile traffic patterns for safety measures, and additional instructional facilities in the next few years. Assignment and affirmation of the Aa1 general obligation rating reflects the district's large tax base supported by a favorable demographic profile; sound financial operations despite recent budgeted draws on General Fund liquidity; and low debt position with limited plans for future borrowing. The Aa2 rating is notched once from the district's general obligation rating to reflect the risk of appropriation. Also incorporated into the rating assignment is the legal provisions provided to certificate holders through the lease purchase, trust indenture and base lease agreements.

STRENGTHS - Large full valuation - Strong socioeconomic indices

- Healthy financial reserves

CHALLENGES

- Slow principal amortization rate

WHAT COULD CHANGE THE RATING - UP

-Substantial growth in the district's taxable values above similarly-rated entities

-Improved and sustained levels of Operating Fund reserves above similarly-rated entities

WHAT COULD CHANGE THE RATING - DOWN

-Deterioration in the district's taxable values and demographic profile

- Structural imbalances beyond management's stated timeframe that draws reserves to a level inconsistent with the current rating level

PRINCIPAL METHODOLOGIES USED

The methodologies used in this rating were General Obligation Bonds Issued by U.S. Local Governments published in October 2009, and 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 these methodologies.

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.

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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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Mark G. Lazarus 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: 212-553-1653Genevieve NolanAsst Vice President - 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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