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September 8, 2021                                                         

City of Kenmore Communications
communications@kenmorewa.gov
425-398-8900

S&P re-affirms City of Kenmore’s AAA bond rating

Kenmore, WA - Last month, independent bond rating agency Standard & Poor’s (S&P) re-affirmed its highest rating of “AAA” for the City of Kenmore. The rating indicates the city's financial strength, stability, and capacity to meet its financial commitments. The City of Kenmore has held the “AAA” rating from S&P since 2016 when the city issued the first series of UTGO (unlimited tax general obligation bonds).

The report from S&P highlights the city’s very strong economy, management, budgetary flexibility and liquidity, and its strong budgetary performance. “This rating is the result of an organization-wide effort, from the way each financial transaction is handled all the way up to larger policy decisions,” said Mayor David Baker. “It’s excellent news and a true reflection of our organization.”

"The City Council’s vision, leadership, and policy approach to the City’s budget was a big factor in S&P’s decision to give Kenmore another AAA bond rating,” said City Manager Rob Karlinsey. “We also owe this rating to the experience and professionalism of the City’s Finance & Administration Director, Leticia Salcido, and the hard work and dedication of the finance team.”

The top-notch rating provides favorable interest rates for the second and final series of bonds that will fund projects identified in the 2016 voter-approved Walkways & Waterways bond measure; including new sidewalks, bike lanes, and environmental and public access improvements at Log Boom Park and Tl' awh-ah-dees (ƛ' a Xw a d i s) Park (formerly Squire’s Landing Park).

On June 13, 2016, the City Council adopted Bond Election Ordinance No. 16-0422 to place a not to exceed $19,750,000 bond measure for voter consideration at the November 8, 2016, election to fund the Walkways & Waterways projects. Proposition 1 was approved by the voters and on December 12, 2016, the City issued the first series of bonds in the amount of $9,220,000. This month, the City will be issuing the second and final series of bonds in an amount not to exceed $10 million.

The ratings report from S&P can be viewed here.