Bangkok--29 Apr--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Auburn, Wash.'s series 2010A limited-tax general obligation (LTGO) refunding bonds, 2010B LTGO taxable Build America Bonds (BABs), 2010C LTGO bonds, and 2010D LTGO taxable BABs. The outlook is stable.
"The rating reflects our view of the city's good household income levels and extremely strong wealth levels, as well as its very strong unreserved general fund balances, supported by good financial policies," said Standard & Poor's credit analyst Jen Hansen.
We understand that 2010A bond proceeds will be used to refund a portion of the city's outstanding 1998 LTGO bonds. The 2010A and 2010B bonds will also be used to pay for a portion of the cost of acquisition of certain office condominium units to provide additional city office space near City Hall. The 2010C and 2010D bonds will be used to pay for infrastructure improvements including utility relocation and upsizing, a promenade with open plazas, and a new street surface.
Auburn, with a population of 67,500, is located in southern King County and north-central Pierce County, 25 miles south of Seattle and 10 miles east of Tacoma.
RELATED CRITERIA AND 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:
Jennifer Hansen, San Francisco (1) 415-371-5035
Misty Newland, San Francisco (1) 415-371-5073