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Summary: Snohomish Cnty, WA; Tax Secured, General Obligation Oct 03

  • ID: 1825573
  • October 2003
  • Standard & Poors
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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

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 READ MORE >

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- Snohomish Cnty

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