Bangkok--9 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A' rating with a stable outlook to Franklin County, Wash.'s refunding unlimited-tax general obligation (UTGO) and limited-tax general obligation (LTGO) bonds, series 2009. The outlook is stable.
"The rating is based on our view of the county's strong wealth levels and sustained tax base and population growth," said Standard & Poor's credit analyst Jen Hansen. "Moreover, we believe the presence of Hanford Nuclear Reservation represents a stabilizing economic factor due to long-term government contracts."
The county's assessed value has averaged 22% annual growth since 2003, rising to $4.5 billion in 2009 from $2.4 billion in 2003. The county is Washington's fastest growing; its population has increased 58% to 70,000 since 2000 compared with 11% growth for the state. Market value per capita is what we consider a strong $64,718.
Located in Eastern Washington, the county encompasses 1,260 square miles and has a population of more than 70,000.
RELATED RESEARCH
-- USPF Criteria: "GO Debt," Oct. 12, 2006
-- USPF Criteria: "Financial Management Assessment," June 27, 2006
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Media Contact:
Ana Sandoval, New York (1) 212-438-5095, [email protected]
Analyst Contacts:
Jennifer Hansen, San Francisco (1) 415-371-5035
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
[email protected]