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Summary: King Cnty, WA; Appropriation, Appropriation; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation May 04 Product Image

Summary: King Cnty, WA; Appropriation, Appropriation; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation May 04

  • Published: May 2004
  • Standard & Poors

Abstract
The 'AA+' rating on King County, Wash.'s GO bonds reflects: A broad and deep economic base, which is currently showing indications of a modest recovery following a three-year period of significant slowdown; A very large and growing tax base with strong income measures; Sound financial management despite limited capacity to raise revenues; and Moderate, but affordable, debt levels. The bonds are secured by the county's unlimited ad valorem property tax pledge. In addition, the bonds are secured by the eight-tenths of one percent sales and use tax collections in the county. An offsetting credit concern is the pressure that Initiative 747 (I-747) continues to place on county finances. In 2001, Washington voters approved I-747, which limits the growth of tax...

Companies mentioned in this report are:
- King Cnty

Action: Affirmed
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 READ MORE >

- King Cnty

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