High ratings continue to help the City of Seattle lower the cost of borrowing money to fund critical projects throughout the city. Over the past month, the nation’s top rating agencies, Fitch Ratings, Standard & Poor’s Rating Service and Moody’s Investors Service, have reaffirmed the City of Seattle’s “AAA” ratings.
“High ratings allow the city to borrow money for projects at a lower cost to taxpayers. Every dollar that we save through lower borrowing costs helps us to stretch limited public dollars and reinvest those savings in providing better service to residents,” said Mayor Ed Murray.
“These AAA ratings recognize what the City has done over the years to maintain our strong financial position,” said Councilmember Tim Burgess, chair of the Council’s Budget Committee. “We should not take this for granted. Not every city has such high ratings and the bottom line is that they allow us to save Seattle taxpayer money.”
These ratings come in advance of this week’s sale of more than $150 million in general obligation tax bonds to finance various capital projects throughout the city, including a portion of the costs to repair the city’s existing seawall.
In their assessment, Fitch Ratings lauded the City’s “exceptional gap-closing ability to manage through a downturn while retaining a high level of financial flexibility,” as well as the City’s strong budget management and fiscal policies.