Published on May 09, 2023
On April 18, 2023, Standard and Poor’s Global Ratings (S&P), the world’s leading provider of independent credit ratings, assigned its ‘AA+’ long-term rating with a stable outlook to the City of Lynnwood’s 2023 limited-tax general obligation (LTGO) refunding bonds. The bonds are being issued to achieve interest savings by refunding the City’s 2012 LTGO bonds that financed the construction of Lynnwood’s Recreation Center.
S&P indicated that the following factors were taken into consideration in developing the City’s rating:
A growing economic base supported by the City’s position as a destination retail center north of Seattle with local incomes around the national average;
Strong financial profile, with robust reserves and a history of stable operating results, including an operating surplus in fiscal 2022;
Strong financial policies and practices, including regular budget monitoring, long-term planning, and formalized policies for investments, debt management and reserves; and
Manageable fixed-cost profile, with no plans for additional debt.
Mayor Christine Frizzell noted, “continuing to maintain our AA+ bond rating is the result of the City of Lynnwood’s ongoing commitment to ensuring financial stability and economic success in accordance with our strategic plan, which we will continue to adhere to as we grow to maintain this very high level of creditworthiness.”