King County Retains AAA Bond Ratings

SEATTLE, WA — King County has retained its perfect rating from the nation's three leading credit agencies, suggesting faith in a full economic rebound, officials announced Wednesday. King County is the only county in Washington to receive "AAA" scores from Standard & Poor's, Fitch Ratings and Moody's Investors Service.

The "big three" agencies assess the credit risk of governments and corporations, and the highest ratings suggest the strongest ability to repay debts on time. Those ratings translate to lower interest rates and fewer added costs to fund construction projects and other improvements.

All three agencies underlined King County's financial strength and a positive outlook for its economic recovery, despite the downturn brought about by the pandemic.

"Although the coronavirus pandemic has had a significantly negative economic impact on the region, the county maintains strong underlying fundamentals, including a highly educated population and solid infrastructure, that we expect will endure beyond the current outbreak," Moody's wrote in a statement. "We expect the county's tax base to remain strong and that the county's financial management team will ensure the county's financial profile remains healthy."

According to officials, the strong ratings will aid the county in securing favorable terms for upcoming bonds that will help pay for land purchases, and metro and technology projects.

"King County's strong bond ratings are a testament to our financial stewardship and commitment to be the best run regional government in the nation," said Dow Constantine, King County Executive. "There is no doubt that we face a faltering national economy, but as these bond agencies predict, King County will get through these tough times and continue to expand prosperity and opportunity for all residents."

Learn more about King County's general obligation bonds online.