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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

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

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 READ MORE >

- King Cnty

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