Summary: North Bend, Washington; General Obligation Apr 11

Standard & Poors, April 2011

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' rating to North Bend, Wash.'s series 2011 unlimited-tax general obligation (GO) bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating on the city's series 2010 GO bonds outstanding. The outlook is stable. The rating reflects our view of the city's: Economic base in the Seattle region, with very strong to extremely strong income and wealth indicators; Good financial policies and practices, including a minimum general fund policy and quarterly reporting on financial performance to the city council; and Maintenance of very strong available general fund positions on a cash basis of accounting. The preceding credit strengths are offset in part by our view of the city's growth-related pressures now...

Companies mentioned in this report are: North Bend
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

North Bend

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