Submitted by City of Lacey
The City of Lacey Waterworks Utilities recently received a Standard & Poor’s Global Ratings (S&P) upgrade from “AA” to “AA+” for its long-term rating on the previously issued 2013 revenue bonds. The “AA+” rating is one step below the best possible S&P credit rating, which only differs to a small degree from the highest-rated obligations. The rating has a stable outlook.
S&P stated the rating reflects their view of the City of Lacey Waterworks Utilities:
- Improved financial metrics, strong cash position, modest debt burden, and extremely strong debt coverage.
- Growing service area in Thurston County near the State Capitol and Joint Base Lewis-McChord.
- Moderately affordable service rates relative to the strong income levels of its customer base.
- Good operational management assessment.
- Good financial management assessment.
For more information about the rating upgrade, contact the City of Lacey at 360-491-3214.
