New York, November 27, 2012 -- Moody's Rating

Issue: General Obligation Refunding Bonds, Taxable Series 2013; Rating: Aa2; Sale Amount: $3,245,000; Expected Sale Date: 11-30-2012; Rating Description: General Obligation

Issue: General Obligation Refunding Bonds, Tax Exempt Series 2013; Rating: Aa2; Sale Amount: $5,045,000; Expected Sale Date: 11-30-2012; Rating Description: General Obligation

Issue: Combination Tax and Revenue Certificates of Obligation, Series 2013; Rating: Aa2; Sale Amount: $5,600,000; Expected Sale Date: 11-30-2012; Rating Description: General Obligation Limited Tax

Opinion

Moody's Investors Service has assigned a Aa2 rating to the following City of Mansfield's (TX) General Obligation issuances: $5.05 million General Obligation Refunding Bonds, Tax-exempt Series 2013; $3.25 million General Obligation Refunding Bonds, Taxable Series 2013; $5.6 million Combination Tax and Revenue Certificates of Obligation, Series 2013. Concurrently, Moody's has affirmed the Aa2 rating on the city's $101.3 million in outstanding parity debt, inclusive of the current offerings. The bond proceeds will refund outstanding debt for an estimated net present value savings, while the certificates will fund certain street improvement projects and other capital needs.

SUMMARY RATINGS RATIONALE

The bonds and certificates constitute direct obligations of the city, payable from the levy and collection of a direct and continuing ad valorem tax, within the limits prescribed by law, on all taxable property located within the city. The certificates are further secured by a limited pledge not to exceed $1,000 of the net revenues of the city's Waterworks and Sewer System. The rating reflects the city's sizable growing tax base, favorable socio-economic profile; stable financial operations with sound financial management; and moderately high debt burdens that are consistent with the historical pace of population growth.

STRENGTHS

*Sizeable tax base, above average socio-economic profile

*Sound financial management practices

CHALLENGES

*Elevated debt burdens

WHAT COULD MAKE THE RATING GO UP

*Continued tax base expansion and diversification

*Trend of surplus financial operations bolstering financial reserves

WHAT COULD MAKE THE RATING GO DOWN

*Trend of structural imbalance that results in reduced financial flexibility

*Substantial increases in debt burdens

*Significant contraction in tax base

RATING METHODOLOGY

The principal methodology used in this rating was 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.

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For ratings issued on a program, series or category/class of debt, this announcement provides relevant 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 relevant 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 relevant 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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Keaton Spencer Hoppe Associate Analyst Public Finance Group Moody'sInvestors Service, Inc.600 North Pearl Street Suite 2165 Dallas, TX 75201 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Adebola Kushimo 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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