Bangkok--16 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA+' long-term rating, with a stable outlook, to King County Fire Protection District No. 39 (South King Fire District), Wash.'s unlimited tax general obligation (GO) refunding bonds series 2009.
The long-term rating reflects our view of the district's stable and diverse economic base that participates in the Seattle-Tacoma-Bellevue core-based statistical area, record of consistently very strong financial position on a cash basis, and adoption of a five-year levy lid lift.
The series 2009 GO bonds will be used to refund the district's outstanding 1997 series GO bonds.
The bonds are secured by the full faith, credit, and resources of the King County Fire Protection District No. 39, which includes the former King County Fire Protection District No. 26. The bonds will be paid from property taxes levied from the former district No. 26, which merged with the district No. 39 effective Jan. 1, 2006.
"We believe the multi-year levy lid lift provides the district with sufficient revenue flexibility, which will enable the district to maintain very strong reserves going forward," said Standard & Poor's credit analyst Li H. Yang.
Located in King County, the district encompasses roughly 42-square miles and provides fire services to the communities of Federal Way, Des Moines, and unincorporated areas of King County. The local economy consists of well-established suburban residential and commercial areas.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Li H Yang, San Francisco (1) 415-371-5024
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
media_ [email protected]
Americas Customer Service: (1) 212-438-7280
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