Summary: Port Of South Whidbey Island, Washington; General Obligation Mar 12

Standard & Poors, March 2012

Abstract
Standard & Poor's Ratings Services assigned its 'A+' rating and stable outlook to the Port of South Whidbey Island, Wash.'s series 2012 limited-tax general obligation bonds. The rating reflects our view of the port's: Primarily residential property tax base, which has access to the deep and diverse Seattle-Bellevue-Everett area; Wealth that is substantially above national levels; Very strong reserves as a percent of expenditures; and Low overall debt. We believe what we consider the port's nominally modest general fund cash levels and historical use of unaudited financial reports somewhat offset these credit strengths. The port's full-faith; credit; and resources, including a pledge to levy ad valorem property tax within statutory limitations, secure the bonds. We understand port officials are issuing...

Companies mentioned in this report are: Port of South Whidbey
Action: New Rating
Action: Outlook: Stable

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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.

Port of South Whidbey

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