Bangkok--15 Nov--Standard & Poor's
Standard & Poor's Ratings Services raised its long-term rating and underlying rating (SPUR) to 'AA' from 'AA-' on Vancouver, Wash.'s outstanding general obligation (GO) debt. In addition, we assigned our 'AA' long-term rating to the city's series 2010 limited-tax GO (LTGO) and refunding bonds. The outlook is stable.
"The raised rating reflects our view that the city has demonstrated a willingness and ability to manage its budget to sustain very strong reserves and balanced operations during a period of intensified revenue pressure," said Standard & Poor's credit analyst Chris Morgan.
We understand that proceeds of the series 2010 will reimburse the city for the purchase of and improvements to a new city hall building.
Located just across the Columbia River from Portland, Vancouver encompasses 165,500 residents and a preliminary total market value of $13.8 billion.
The stable outlook reflects the city's history of adjusting its expenditure budgets to match a constrained revenue environment.
RELATED CRITERIA AND RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
USPF Criteria: Key General Obligation Ratio Credit Ranges — Analysis Vs. Reality, April 2, 2008
Complete ratings information is available to RatingsDirect subscribers on the Global Credit Portal at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
[email protected]
Analyst Contacts:
Chris Morgan, San Francisco (1) 415-371-5032
Bea Chiem, San Francisco (1) 415-371-5070