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Summary: King Cnty, WA; Tax Secured, General Obligation Aug 04 Product Image

Summary: King Cnty, WA; Tax Secured, General Obligation Aug 04

  • Published: August 2004
  • Standard & Poors

Abstract
The 'AA+' rating on King County, Wash.'s GO bonds reflects: A broad and deep economic base that is beginning to show indications of recovery following a protracted period of flat performance; 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 limited ad valorem property tax pledge. 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 revenues to 101% of the previous year's revenues, plus new construction. In response to the loss of tax revenues, the county...

Companies mentioned in this report are:
- King Cnty

Action: Affirmed
Action: New Rating

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- King Cnty

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