City receives upgraded Aa2 bond credit rating by Moody’s
Press Release Date:
Thursday, February 23, 2017
The City of Vancouver has received a high credit rating from Moody’s upgrading the City’s Limited Tax General Obligation bonds from Aa3 to Aa2.
In addition, the City’s Downtown Redevelopment Authority conference center project revenue refunding bonds were also upgraded to Aa2. This action was related to a change in rating methodology used by Moody’s to rate local government bond issues, and affected 136 local governments in Montana, Oregon, and Washington.
Credit ratings are forward-looking opinions about credit risk and express the agency’s opinion about the ability and willingness of an issuer, such as a city government, to meet its financial obligations in full and on time.
In previous years, the City has also received credit rating upgrades from Standard & Poor’s (S&P) Global Ratings. In June 2015, S&P upgraded the City to AA+ rating from AA rating for the City’s 2016 Limited Tax General Obligation Bonds, and affirmed its AA+ rating on the City's outstanding General Obligation bonds, as well as an AA+ long-term rating on the Vancouver Downtown Redevelopment Authority bonds. In November 2010, S&P upgraded the City to AA rating from AA- on the outstanding General Obligation debt of the City.
Vancouver’s strong credit rating reflects the credit agency’s view of the city’s growth in assessed market value; with a strong broad based economy. Standard & Poor’s 2016 report rated the City as “strong” for budgetary performance and “very strong” in the areas of management, budgetary flexibility, liquidity and debt/contingent liability profile.
“The City is proud that it has once again received an upgraded high quality credit rating. These ratings affirm the work our City Council and City Staff have done to develop and implement financial policies and practices as part of a long-term financial strategy that positions the city for on-going success,” said Carrie Lewellen, Treasurer for the City of Vancouver. “These ratings continue to affirm that our financial operations are stable and well-managed.”
Carrie Lewellen, City Treasurer