Bangkok--29 Dec--Standard & Poor's
Standard & Poor's Ratings Services raised its rating and underlying rating (SPUR) to 'A' from 'A-' on Benton County Fire Protection District No. 1, Wash.'s unlimited- and limited-tax general obligation (GO) bonds.
"The raised rating reflects the district's maintenance of what we consider to be a consistently very strong financial position," said Standard & Poor's credit analyst Jessica Schultz.
The bonds are a full faith and credit obligation of the district and are secured by an unlimited ad valorem tax pledge. Resources available for payments on the district's limited-tax GO bonds are constrained by statutory restrictions on property tax revenues for operations, including a limit on annual property tax growth to 1% excluding new construction, without a voter override, and a maximum levy rate.
The stable outlook reflects our expectation of the district's continued adequate financial management and maintenance of very strong combined cash balances. Our credit opinion takes into account the district's ability to adapt its operations in response to any future annexations that would affect its operating revenues and demand for its services.
RELATED RESEARCH
USPF Criteria: "GO Debt," Oct. 12, 2006
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers 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:
Jessica Schultz, San Francisco (1) 415-371-5092
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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[email protected]
Americas Customer Service: (1) 212-438-7280
[email protected]