Submitted by City of Lacey
The City of Lacey recently received a Standard & Poor’s (S&P) Rating Services upgrade from ‘AA+’ to ‘AAA’ for its long-term rating and the rating on its previously-issued general obligation bonds. The ‘AAA’ rating is the strongest possible S&P credit rating. S&P defines this rating as having an extremely strong capacity to meet its financial commitments. The rating has a stable outlook.
S&P stated the rating reflects their view of the City of Lacey’s:
- Strong management, including a minimum reserve policy, long-term capital planning with identified funding sources, and an investment policy that prioritizes principal retention above return.
- Very strong budgetary performance.
- Very strong budgetary flexibility due to available reserves that are likely to remain strong for the medium term.
- Very strong debt profile, 84% of which will be repaid within 10 years.
For more information about the rating upgrade, please contact the City for details.