New York, June 14, 2012 -- Moody's Rating Issue: Bond Anticipation Notes, Series 2012; Rating: MIG 1; Sale Amount: $34,000,000; Expected Sale Date: 6/19/12; Rating Description: Note: Bond Anticipation

Opinion

Moody's Investors Service assigns a MIG1 short term rating to the Brick Township's (NJ) $34 million bond anticipation notes. Moody's maintains the Aa2 rating to the on Brick Township's$80 million outstanding general obligation bonds and $72.8 million in guaranteed general obligation debt. The notes payable June 13, 2013 are secured by the town's ad valorem general obligation pledge authorized through a local ordinance approving a redevelopment plan "The Township of Brick Landfill Redevelopment Plan." (solar project). The notes will fund construction of a Photovoltaic System and provide infrastructure improvements.

SUMMARY RATINGS RATIONALE

The MIG1 rating reflects the strength of the township's underlying rating and demonstrated market access. The Aa2 underlying rating reflects the township's sizeable tax base, adequate financial position augmented by significant one-time revenues, and slightly above average debt burden.

STRENGTHS

-Large $12 billion tax base with average wealth levels

-Favorable position as popular tourist destination adds stability

-Demonstrated willingness to raise recurring revenues and cut expenses

-Manageable debt burden

CHALLENGES:

-Narrow reserves position for the rating level

WHAT COULD CHANGE THE RATING - UP:

-Multi-year improvements to the city's financial reserves

-Achievement of structurally balanced operations

WHAT COULD CHANGE THE RATING - DOWN:

-Delayed revenues from solar project developer

-Continued declines in Current Fund balances

-Significant deterioration in taxable values or the demographic profile

-Persistent structural imbalances that limit financial flexibility

The principal methodology used in this rating was Bond Anticipation Notes and Other Short-Term Capital Financings published in May 2007. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

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Shannon McCue Associate Analyst Public Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Josellyn Yousef 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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