News Column

BRIEF: Bainbridge's city bond rating upgraded

July 10, 2014

Kitsap Sun, Bremerton, Wash.

July 10--BAINBRIDGE ISLAND -- Bainbridge Island's city unlimited general obligation bond rating was upgraded by Moody's Investors Service to Aa2 from Aa3 Tuesday.

The action affects $5 million in outstanding debt, according to a Moody news release.

In addition, Moody's also upgraded the city's limited tax bonds -- which affect $16.1 million in outstanding debt -- to Aa3 from A1.

"The rating upgrade reflects the stabilizing tax base and consistent four-year operating surpluses, restoring the General Fund balance to healthy levels," the news release stated. "The rating further reflects the city's modest debt and pension burdens, affluent demographic profile and strong management practices."

A strong socioeconomic profile, a moderately-sized tax base that returned to growth this year, and health fund balances and reserves supported by strong fiscal policies were noted "strengths" for the city in the report.

"We're really happy with the outcome of the review," Bainbridge City Manager Doug Schulze said. "It demonstrates the commitment the City Council and staff have made to make a strong financial position for the city."


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Source: Kitsap Sun (Bremerton, WA)

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