City of Kenmore Earns AAA Bond Rating

City of Kenmore Earns AAA Bond Rating

The City of Kenmore recently received the highest rating, AAA, from S&P Global Ratings (S&P) on its upcoming Unlimited Tax General Obligation (UTGO) bonds, 2016. The bonds are the first sale of the City’s Walkways and Waterways Improvements ballot measure approved by Kenmore voters on November 8, 2016. After this 2016 bond sale, the City will have $10 million of the $19.75 million authorization remaining, which it expects to issue in 2019.

S&P assigned its AAA long-term rating with a stable outlook to Kenmore’s 2016 bonds. This is S&P’s highest rating, meaning the City’s capacity to meet its financial commitments is extremely strong, in S&P’s opinion.

S&P stated the rating reflects their view of the City of Kenmore’s: 

• Very strong local economy, with low unemployment and growing property values;
• Very strong management, including strong financial policies and practices;
• Very strong cash reserves and liquidity; and
• Strong budgetary performance.

The top-notch rating provided very favorable interest rates when the City’s bond underwriter marketed and priced the bonds earlier this week.

Bond proceeds will fund the projects identified in the Walkways & Waterways Improvements ballot measure, including new sidewalks and bike lanes on Juanita Drive and 68th Avenue as well as public waterfront access improvements at Log Boom Park, Squire’s Landing Park, and Rhododendron Park.

If you have an interest in learning more about the bonds or would like more information about the projects, please contact the City of Kenmore at 425-398-8900 or visit http://kenmorewa.gov/walkwaysandwaterways.