City achieves best possible bond rating
June 3, 2014
Standard & Poor’s upgraded the Issaquah’s bond rating to AAA — the highest possible score — in recognition of the city’s enduring commitment to fiscal responsibility.
The bond rating is a reflection of creditworthiness and affects the cost to the city of issuing debt. The upgraded rating helps lower the interest rates for the city’s bond sales, which reduces borrowing costs for the city and taxpayers.
“Our citizens will benefit the most from our upgraded rating,” Mayor Fred Butler said. “It’s the result of our sound fiscal policies and responsible management of the public’s dollars. Our commitment to the best possible practices is a top priority for our city team and elected leaders every day.”
Statewide, Issaquah is one of the few cities that have achieved the AAA rating from S&P.
In announcing the upgrade May 13, S&P credited Issaquah for its “very strong local economy” and low unemployment rate, as well as its very strong financial practices.
“Strengths of the assessment, in our opinion, include the city’s strong revenue and expenditure assumptions in its budgeting process, strong oversight in terms of monitoring its progress against the budget during the year, a long-term financial plan that spans five years” and other factors, S&P stated.