Bangkok--9 Oct--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to the Port of Brownsville, Wash.'s series 2009 limited-tax refunding general obligation bonds. The outlook is stable.
"The rating reflects our view of the port's strong and diverse tax base, which is an extremely strong $175,000 per capita," said Standard & Poor's credit analyst Andrew Magee. "Moreover, the port's enterprise nature makes the maintenance of strong reserves an important credit factor, and the port closed 2008 with net assets totaling 260% of expenditures."
The district will use bond proceeds to refund its outstanding debt.
The Port of Brownsville is located in Kitsap County approximately 5 miles north of Bremerton and 13 miles east of Seattle. The port has access to Puget Sound through the Orchard Passage and provides public maritime recreational opportunities to the Kitsap Peninsula.
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:
Andrew Magee, San Francisco (1) 415-371-5057
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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