Standard & Poor's Ratings Services has revised its outlook to negative and affirmed its 'AA' rating on Snohomish County, Wash.'s limited-tax GO bonds. At the same time, Standard & Poor's assigned its 'AA' rating and negative outlook to the county's limited GO bonds series 2003B. The negative outlook reflects recent county budget projections over fiscals 2003-2007 that indicate a significant draw on reserves to a very low level, $1.1 million or 1% of expenditures, in 2006 from an estimated $15.7 million, or 10.8% of expenditures, in fiscal 2003. The outlook further reflects the increase in operational expenses starting in fiscal 2004 associated with the opening of a county jail annex building with no additional ongoing revenues to fund this new...
Companies mentioned in this report are:
- Snohomish Cnty
Action: New Rating
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