29 April 2010 - S&P on Wednesday gave its AA rating to Auburn, Washington's series 2010A limited-tax general obligation (LTGO
) refunding bonds, 2010B LTGO
taxable Build America Bonds (BABs), 2010C LTGO
bonds, and 2010D LTGO
SIGNIFICANT REVENUE RAISING FLEXIBILITY: There is no rating distinction between the ULTGO and LTGO
ratings based primarily on the adequate revenue raising flexibility under the township's maximum operating limit.
Bond proceeds will refund all or portions of the outstanding LTGO
bonds and pay the costs of issuance.
RATING ON PAR WITH IMPLIED ULTGO: The LTGO
bonds are rated on par with the implied ULTGO rating on the basis of the city's solid general fund reserves and general budgetary flexibility.
615 million LTGO
sanitary sewer special assessment bonds series 2001 at 'AA-';
IDENTICAL ULTGO AND LTGO
RATINGS: Fitch currently does not distinguish between the county's ULTGO and LTGO
ratings due to the county's strong financial flexibility.
RATING ON PAR WITH IMPLIED ULTGO RATING: The LTGO
bonds are rated on par with the implied ULTGO rating due to the strength of the county's reserves and implied financial flexibility.
building authority bonds are secured by cash rentals under the lease between the authority and the city.
8 million LTGO
downtown development bonds, series 2008 at `AA';
bonds are secured by the city's full faith and credit general obligation and its ad valorem tax pledge, subject to applicable charter, statutory and constitutional limitations.
However, these increases have been insufficient to allow the w/s fund to fully support LTGO
bonds, as was intended.
bonds are secured by the city's irrevocable pledge to budget and levy taxes annually within the constitutional and statutory tax limitations provided by law on all taxable property within the city.