Moody's

......Seminole Electric Cooperative, Inc.'s (Seminole, SECI: A# stable) credit profile reflects its low business risk supported by long-term wholesale power contracts (WPCs) with its members and relatively cost effective supply portfolio available to meet their needs. Seminole has significant rate flexibility, given its rate autonomy and fuel and purchased power pass through with quarterly-annual true-up mechanisms enabling the maintenance of sound interest and debt coverage metrics. In Moody's view, Seminole's financial position can be sustained while managing a capital plan that focuses on adding new generating capacity to replace expiring power purchase agreements. The construction of the Seminole Combined Cycle Facility (SCCF) achieved commercial operations in April ####. Seminole also plans to replace expiring power purchase agreements (PPAs) with new generation resources. Financing for these projects will lead to moderately higher debt levels but Moody's expects leverage metrics to be consistent......

......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT......

......Farmington Municipal School District # (San Juan County), NM's (A#) is supported by an improving financial position due to additional state aid and expenditure controls that is expected to increase the available fund balance to roughly $## million and ##% of revenues in fiscal ####, which is in line with the A# national median. The district also benefits from steady assessed value growth, though the local economy is concentrated in the oil and gas sector, and property wealth and income metrics lag the rating category. The leverage profile is high compared to peers, with a long-term liabilities ratio of ###% as of #### revenue. On May ##, Moody's removed the negative outlook and affirmed the district's A# issuer and general obligation unlimited (GOULT) ratings......

......The complete list of outstanding ratings assigned to the Grand Ledge Public Schools, MI is available on their issuer page. Details on the current ESG scores assigned to the Grand Ledge Public Schools, MI are available on their ESGView page. Sources: US Census Bureau, Grand Ledge Public Schools, MI's financial statements and Moody's Ratings......

......MOSAICS Public School's (Ba# stable) credit profile reflects its small scale, balanced by its growing market stance, shown by increasing enrollments, a sizeable waitlist, and superior academic performance compared to the local school district. We expect the school's operating performance will remain healthy supporting good operating margins, days cash reserves, and annual debt service coverage. The school's leverage is high, but it does not have any additional borrowing plans. Our credit view also considers MOSAICS' low charter renewal risk, despite no history, given a favorable state legislative environment and good relationship with its charter authorizer. On May ##, #### Moody's assigned an initial Ba# rating with stable outlook to the school's Nonprofit Facilities Revenue Bonds (MOSAICS Public School Project), Series ####A (Credit Enhancement) and Series ####B (Credit Enhancement) (Federally Taxable......

......The complete list of outstanding ratings assigned to the Benicia Unified School District, CA is available on their issuer page. Details on the current ESG scores assigned to the Benicia Unified School District, CA are available on their ESGView page. Sources: US Census Bureau, Benicia Unified School District, CA's financial statements and Moody's Ratings......

......The complete list of outstanding ratings assigned to the Grafton School District, WI is available on their issuer page. Details on the current ESG scores assigned to the Grafton School District, WI are available on their ESGView page. Sources: US Census Bureau, Grafton School District, WI's financial statements and Moody's Ratings......

......Atlassian has strong liquidity, good operating scale, and we expect revenue growth of at least ##% over the next # to # years. We expect management to balance revenue growth with profitability consistent with its target of increasing operating margins (non-GAAP) to ##% or higher in FY '##. Atlassian's core products have strong market position and it is the market share leader in the Software Quality and Life Cycle tools category. We expect subscription revenues with high net expansion rates to comprise about ##% of total revenues in FY '##. Operating income under US GAAP is unlikely to turn positive before FY '##, given the large stock-based compensation expense but we expect free cash flow of $#.## billion in FY '## (##% of Moody's adjusted debt). Low barriers to entry in most of the company's product categories and strong competition across its product portfolio increase risks. But the company's track record of innovation and organic growth, coupled with its financial flexibility, mitigate......

......On # May, Peruvian mining company Volcan Compania Minera S.A.A. y Subsidiarias (Volcan, Caa# negative) announced that Glencore plc (Baa# positive) reached an agreement to sell its stake in Volcan to Transition Metals AG, a subsidiary of the Argentine group Integra Capital. Since November ####, Glencore has had a controlling stake of ##% in Volcan's Class A voting shares, which is equivalent to a ##% economic interest in Volcan (excluding treasury shares). Glencore expects to close the sale to Transition Metals AG before mid-month. The agreement is positive for Volcan as it provides creditors visibility over the ownership of the company, as Glencore announced in February #### that it planned to dispose of Volcan. However, the announcement does not immediately affect Volcan's Caa# ratings since its credit profile does not incorporate any uplift or support from Glencore's ownership. The change of control clause is conditioned upon a downgrade of the senior unsecured notes by one or more rating......

......Banco do Nordeste do Brasil S.A.'s (BNB) Baseline Credit Assessment (BCA) of b# reflects its important regional franchise and broad retail-bank footprint as a government-owned development bank focused on the Northeast region of Brazil. It also reflects the bank's role as the financial agent and manager of the constitutionally mandated Fundo Constitucional de Financiamento do Nordeste (FNE). Therefore, the BCA incorporates the bank's steady fee income generation, concentrated revenue stream, loan book in the Northeast region and its low tangible capitalization ratio. The bank's Ba# long-term global scale local-currency deposit rating incorporates two notches of government support uplift from its b# BCA. The uplift incorporates our assessment of the highest level of support, given the federal government's majority control of BNB and the bank's important role as a financial agent that supports development in the Northeast region of Brazil. BNB ratings outlook is now positive in line with the......

......Domicile TORONTO, Ontario,Canada Long Term Rating A# Type Insurance Financial Strength Outlook Stable......

......All figures and ratios are based on adjusted financial data and incorporate Moody's Global Standard Adjustments for Non- Financial Corporations. Periods are fiscal year-end unless indicated. Moody's forecasts are Moody's opinion and do not represent the views of the issuer. Source: Moody's Financial MetricsTM and Moody's Ratings forecasts......

......In April ####, we affirmed the Baa# senior unsecured debt rating of The Hanover Insurance Group, Inc. (NYSE: THG, Hanover) and the A# insurance financial strength (IFS) rating of its primary operating subsidiary, The Hanover Insurance Company (Hanover Insurance). Our credit view reflects the group's good market position in US small-to-midsize commercial lines, low-to-moderate hazard specialty insurance, and personal lines businesses. Other strengths include the company's good profitability, strong relationships with its targeted network of independent agents and brokers, and a high-quality investment portfolio. These strengths are offset by Hanover's significant catastrophe exposure on both a gross- and net-of-reinsurance basis, above-average underwriting leverage, and exposure to casualty business, which has greater pricing and reserve risk. For Q# ####, Hanover reported net income of $###.# million, up from a net loss of $## million in the prior year period (Exhibit #), reflecting lower......

......MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT......