King County continues to receive high marks for bond ratings- King County

Nov. 29, 2007

King County continues to receive high marks for bond ratings

King County continues to receive high marks for its bond ratings from all three of the national credit rating agencies. The bond rating is important because it reduces the amount of borrowing costs to King County and ultimately to taxpayers.

All three credit rating agencies continue to assign their highest "AAA' ratings to the county's previously issued Unlimited General Obligation Bonds (UTGO's) which include all voter approved bonds.

This week the county closed the sale of $43.7 million in limited tax general obligation (LTGO) bonds to provide long-term financing for various solid waste projects and the PeopleSoft upgrade project. LTGO bonds are approved by a vote of the county council. All three of the major credit rating agencies - Standard & Poor's, Moody's and Fitch – reaffirmed the county's exemplary bond ratings and outstanding credit worthiness for this bond issue and previous bond issues.

According to Standard & Poor's "the AAA rating reflects the county's exceptional financial management through the spectrum of economic climates."

Moody's had previously reaffirmed their highest rating of the county's UTGO debt in late October and also reaffirmed their recent LTGO rating stating that "the rating is based on the credit strength of the county which includes a strong economy, well-management financial operations, and manageable debt levels."

Fitch reaffirmed their UTGO and LTGO ratings stating that "the county consistently achieves sound fund balances, despite economic fluctuations and a stringent property tax growth limitations." In October, Fitch had placed the county's bond rating on a "negative watch" because of concerns about three distressed investments in the county's investment pool, but this action simply means that Fitch is monitoring the situation and there is no change in the underlying bond ratings.

For additional information about the ratings please contact Ken Guy, Director of Finance and Business Operations at 206-263-9254.

King County Executive, Ron Sims County news Executive initiatives Excellence in Government Executive offices Biography Contact information King County Executive Office Ron Sims, King County Executive 701 Fifth Ave. Suite 3210 Seattle, WA 98104 Phone: 206-296-4040 Fax: 206-296-0194 TTY Relay: 711	KING COUNTY HOME \| NEWS \| SERVICES \| DIRECTORY \| CONTACT King County Executive, Ron Sims King County Executive You're in: King County Executive, Ron Sims print Nov. 29, 2007 King County continues to receive high marks for bond ratings King County continues to receive high marks for its bond ratings from all three of the national credit rating agencies. The bond rating is important because it reduces the amount of borrowing costs to King County and ultimately to taxpayers. All three credit rating agencies continue to assign their highest "AAA' ratings to the county's previously issued Unlimited General Obligation Bonds (UTGO's) which include all voter approved bonds. This week the county closed the sale of $43.7 million in limited tax general obligation (LTGO) bonds to provide long-term financing for various solid waste projects and the PeopleSoft upgrade project. LTGO bonds are approved by a vote of the county council. All three of the major credit rating agencies - Standard & Poor's, Moody's and Fitch – reaffirmed the county's exemplary bond ratings and outstanding credit worthiness for this bond issue and previous bond issues. According to Standard & Poor's "the AAA rating reflects the county's exceptional financial management through the spectrum of economic climates." Moody's had previously reaffirmed their highest rating of the county's UTGO debt in late October and also reaffirmed their recent LTGO rating stating that "the rating is based on the credit strength of the county which includes a strong economy, well-management financial operations, and manageable debt levels." Fitch reaffirmed their UTGO and LTGO ratings stating that "the county consistently achieves sound fund balances, despite economic fluctuations and a stringent property tax growth limitations." In October, Fitch had placed the county's bond rating on a "negative watch" because of concerns about three distressed investments in the county's investment pool, but this action simply means that Fitch is monitoring the situation and there is no change in the underlying bond ratings. For additional information about the ratings please contact Ken Guy, Director of Finance and Business Operations at 206-263-9254.
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	Updated: Nov. 29, 2007