Lacey Receives AAA Rating from S&P Global Ratings
The City of Lacey received a AAA rating from S&P Global Ratings as it prepares to issue bonds. The bond issue will fund a portion of the new police station and training facility. S&P also affirmed the City’s previous ‘AAA’ rating and a stable outlook. The ‘AAA’ rating is the strongest possible S&P credit rating. With this score, S&P believes the City of Lacey has an extremely strong capacity to meet its financial commitments. The ‘AAA’ rating assures the City will receive the lowest borrowing rates within the current market.
In their report, S&P Global noted the City of Lacey’s:
- Rapidly growing local economic base
- Sustained positive general fund results
- Strong reserves, even accounting for planned capital contributions
- A robust budget-building and monitoring practice
- Light debt burden with no additional debt planned
- Stronger financial reporting than is typical among municipalities in the state
“We are pleased with the S&P decision on our credit rating. As a City, our credit is very strong, even with large investments like the police station and Cuoio Park coming over the next two years,” said City Manager Rick Walk. “We think it reflects well on our approach to stewardship of our community’s resources.”
Finance Director Troy Woo added, “It is fairly rare for a city to have a AAA rating. Lacey is one of only twelve cities in the state of Washington rated AAA by S&P.”
For more information, visit the S&P Global website.
