Summary: Jefferson County, Washington; General Obligation Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating to Jefferson County, Wash.'s series 2011 limited-tax general obligation (GO) refunding bonds. In addition, Standard & Poor's affirmed its 'AA-' long-term and underlying rating (SPUR) on the county's previously issued GO bonds. The outlook on all ratings is stable. The ratings reflect our view of the county's: Economic base, which is located near the Seattle region and exhibits high per capita market values; Demonstrated voter willingness to support tax increases to fund county operations; Good financial policies and practices; and Low debt burden, coupled with rapid amortization. Constraining credit quality in our view is the county's: Economic dependence on tourism and retiree housing demand; and Financial reporting on a cash...

Companies mentioned in this report are: Jefferson Cnty
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

Jefferson Cnty

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