Bangkok--17 Jun--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'AA' rating to Northshore Park and Recreation Service Area (NPRSA), Wash.'s series 2010 unlimited-tax general obligation bonds. The outlook is stable.
The rating reflects our view of the area's sizable economic base that fully participates in the large and diverse Seattle regional economy, very strong wealth and income levels, and strong reserves as a percentage of general fund expenditures," said Standard & Poor's credit analyst Jen Hansen.
The area was created to fund capital projects for a senior center operated by the Senior Services of Seattle/King County (Senior Services), a 501c(3) nonprofit organization, but is a legally separate entity. Both King and Snohomish counties levy, collect, and deposit pledged property taxes into a segregated fund, which is used by NPRSA for debt service.
Located 20 miles northeast of downtown Seattle, the NPRSA encompasses 67 square miles in an established suburban area that includes most of the cities of Bothell, Woodinville, and Kenmore and a population of about 123,400.
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 415-371-5035
Lisa Schroeer, Charlottesville (1) 434-220-0892