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Moody's Investors Service affirms American Samoa's Ba3 issuer rating

Moody's Investors Service has affirmed the Territory of American Samoa's Ba3 issuer rating and affirmed the Ba3 ratings on American Samoa's outstanding general revenue bonds.


American Samoa had $129.5 million of general revenue bonds outstanding at the end of fiscal 2022. The outlook is stable.


The Ba3 issuer rating reflects American Samoa's status as a US territory that receives generous operating and capital assistance from the federal government, which has enabled the government to maintain a solid financial position.


The rating also factors in the territory's small and volatile economy, with employment concentrated in government and tuna packing; deficient resident income levels; above-average long-term liabilities; and risks associated with operating a government-owned charter bank.


The rating also reflects significant exposure to physical climate risks, namely sea level rise.


American Samoa's Ba3 general revenue bond rating is the same as the territory's issuer rating, given the government's pledge of its full faith and credit and broad revenue base to repay the bonds.


The stable outlook reflects the territory's solid financial position and significant federal government support, enabling the territory to weather economic swings that may occur in the next two years.


Diversification and growth of economy Substantial improvement in financial management and governance coupled with reduced liabilities.


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