Summary: Monroe, Washington; General Obligation; Note Jul 12

Standard & Poors, July 2012

Abstract
Standard & Poor's Ratings Services assigned its 'SP-1+' short-term rating to Monroe, Wash.'s series 2012 limited-tax general obligation (LTGO) bonds. Standard & Poor's also affirmed its 'A+' issuer credit rating (ICR) on the city and 'SP-1+' short-term rating on the city's series 2010 LTGO bonds. The outlook on the ICR is stable. The 'SP-1+' rating reflects our view of: The city's covenant to levy property taxes within statutory limitations and use all legally available money to pay principal and interest so long as the bonds are outstanding; Legal provisions that identify as an option the issuance of refunding bonds to retire the series 2012; The city's "low" market risk profile; and Our 'A+' rating on the city's GO debt. The...

Companies mentioned in this report are: Monroe
Action: New Rating
Action: Outlook: Stable

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 an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

Monroe

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