Summary: King Cnty, WA; Tax Secured, General Obligation May 05

Standard & Poors, May 2005

Abstract
Standard & Poor's Ratings Services assigned its 'AA+' rating to King County, Wash.'s $23.3 million limited tax GO refunding bonds, 2005 series A, and affirmed its 'AA+' rating on the county's outstanding GO debt. The rating reflects: A broad and deep economic base that is recovering after a protracted period of flat performance during the national and regional economic slowdown earlier this decade; A very large and growing tax base with strong income measures; Very strong financial management despite a limited capacity to raise revenues; and Moderate debt levels that are considered affordable given county incomes. The bonds are secured by the county's limited ad valorem property tax pledge in addition to the county's net sewer revenues, from which it...

Companies mentioned in this report are:
- King Cnty

Action: Affirmed
Action: New Rating

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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.

- King Cnty

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