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Dec. 22, 2004
Consistent, long-term fiscal discipline at King County has garnered a pair of superlative financial ratings, King County Executive Ron Sims announced today. The two bond ratings will help save millions of dollars in financing construction of a new office building project.
Credit ratings from Moody’s Investors Service and Standard & Poor’s were published in connection with bonds that will be issued to finance a new county building on downtown property commonly referred to as Goat Hill. The bonds, scheduled to be sold on Jan. 20, 2005, will fund the construction of an office building and parking garage at Fifth Avenue and Jefferson Street. The building will house the Seattle-King County Department of Public Health and other county agencies.
Moody’s rating of "Aa1" and Standard & Poor’s ranking of "AA+pr" are among the highest available for this type of lease revenue bonds. The ratings are superior to those of the State of Washington.
"Once again, King County has demonstrated its ability to manage public funds with prudence and discipline," said Executive Sims. "For years, despite economic volatility and a dwindling revenue base, King County has ranked among the best in the nation for fiscal management."
Moody’s noted the county’s strong financial position, including solid general fund balances and a consistent ability to meet budget targets. Standard & Poor’s cited the county’s strength and creativity in managing operations and finances; particularly in the face of ongoing pressure from Initiative I-747, which limits the growth of property tax revenues to 1 percent per year.
The bond sale is expected to be approximately $100 million dollars. A superior credit rating ensures lower interest rates, saving millions of taxpayer dollars over the life of the bonds.
"We have a responsibility to be good stewards of the people’s money," said Sims. "And that’s just what we’re doing."
Copies of the Moody’s and Standard and Poor's reports are attached below, in .pdf format.
Updated: Dec. 22, 2004
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